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BE Offices Ltd, a serviced-office provider with multiple locations in London’s financial district, has gone into administration due to the effects of the COVID-19 pandemic. Going into “administration” is a formal insolvency process designed to rescue a struggling business.
The company, along with its subsidiaries responsible for various workspaces, submitted an administration application at the High Court in London. Despite this, BE Offices claims it is continuing operations normally during its restructuring phase, with Resolve staff poised to manage the administration.
“It is business as usual while we go through this restructuring process,” a spokesperson for BE Offices said, according to Bloomberg.
The pandemic severely impacted flexible office space providers like BE Offices by highlighting the disparity between their short-term revenues and long-term rental commitments. Last year, the company expressed concerns about its viability after struggling to recover from lockdown-induced losses. This collapse comes on the heels of WeWork’s bankruptcy filing in November.
