Phil Armstrong and Nick O’Reilly, Client Partners at Vantis Business Recovery Services (BRS), a division of Vantis, the UK accounting, tax and business advisory group were appointed as joint administrators of seven subsidiary companies of MLS Group Plc on 29 May 2009:
- MLS Business Centres (London Bridge) Limited
- MLS Business Centres (Holborn) Limited
- MLS Business Centres (Richmond) Limited
- MLS Business Centres (Winchester House) Limited
- MLS Business Centres London (North) Limited
- MLS Business Centres (Shaftesbury Ave) Limited
- MlS Business Centres (Covent Garden) Limited
The companies operated a number of leasehold properties as managed business centres throughout the UK.
The administrators were able to reach an agreement with MWB Business Exchange (MWB) to realise the business and assets relating to a number of the centres, thereby enabling the tenants to continue to operate. It is understood that MWB may guarantee the tenants deposits paid to the MLS companies in certain circumstances.
Commenting on the administration, Phil Armstrong said: “These businesses were forced into administration as the Group is experiencing severe creditor pressure due to a lack of working capital. Following the successful sale of the company’s business and assets of various centres, the tenants at the business centres have been able to operate as usual during this difficult economic time, whilst also enabling the landlords to have a future income stream”.