The Content Maker

YourSpace, the serviced office firm, will stay alive and in business due to a voluntary agreement that will now pay creditors 20p in the pound.

The CVA ( Company Voluntary Agreement) deal was approved by both members of the company and their creditors with both parties believing that it was the best way to keep the company operational.

Bill Dawson and Daniel Butters who were appointed last year by YourSpace will be joint supervisors over the new terms of the CVA.

Butters stated that the acceptance of the CVA deal is great news for the company since it will allow the business to continue to maintain its trade and offer security to its employees as well as its trading partners. He added that the use of CVAs among firms demonstrates that in the correct situations it is possible for businesses to avoid administration.

YourSpace is currently servicing office space in many different areas of the UK such as Liverpool, Manchester, London, Glasgow, and Newcastle. Its main focus is to develop property that it can use as well as sell.

Due to the downturn in real estate properties and activity in the commercial property market it was having a rough time trying to keep its occupancy levels up. As a result it was forced to restructure and even consider selling off some of its portfolio.

If the group is able to meet certain targets in trading the amount that it pays creditors will double over a three year period. If you are looking for office space or desk space to rent, click desk rent UK to carry out a quick and easy search for 100s of desks to rent in London and all major UK cities.