Prospect Business Centres (Midtown) Limited (10921568): administration
- Status
- Administration ended
- Administration began
- 2020-03-19
- Administrators
- Miles Needham, Simon Peter Carvill-Biggs
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-08-17
- Location
- St Albans
- Industry
- 82110 Combined office administrative service activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Group provided high quality serviced office accommodation across eight locations in Leeds and London. The Group traces its roots back to the first business centre opened in Leeds in 1980, latterly expanding into prime business locations in London.
The Group provided flexible term office accommodation via standard licence agreements, as well as ad hoc meeting rooms and a virtual office service.
The Group’s expansion to eight locations was partially funded through borrowing from Archover from 2018 onwards, with the Group granting debentures to Archover as security for its borrowings.
Administrators' statement of proposals (2020-05-19) · Companies House register