The Art Academy (03801729): administration
- Status
- In administration
- Administration began
- 2026-05-12
- Administrators
- Steven Edwards, Mark Holborow
- Administrators' firm
- Insolvency Practitioners of Crowe
- Formerly
- The Sculpture Academy
- Incorporated
- 1999-07-06
- Location
- Maidstone
- Industry
- 85410 Post-secondary non-tertiary education
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Weak consumer demand
- Competition / price pressure
From the administrators' statement
The Company leased a new premises in January 2024 becoming known as the Bankside Campus. The premises underwent significant refurbishment in order to comply with the requirements for the location to be suitable to teach students as part of the Open University higher education programme. Students being enrolled via the Open University significantly increased the sale of courses provided by the Company.
The lease at Bankside Campus had a reduced rent period which was due to end on 30 June 2026, at this point the rent was due to double. Although the Company obtained a reduced rent period, the cost of the rent began to cause issues and unpaid arrears have accrued over the last two years. A further rent reduction was requested, however this was denied by the Landlord due to the arrears that had already accrued.
The Company had also seen a reduction in the uptake of its courses with the increase of competitors and economic factors reducing discretionary spending. In addition to this, the increase in the cost of living for utilities and supplies significantly impacted the Company’s financial position.
Administrators' statement of proposals (2026-07-14) · Companies House register