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Your Space CVA proposal approved |
CVA proposal approved for Your Space PLC, Workspace (North West Limited) and Your Space (UK) Limited (together “the Group”)
The Company Voluntary Arrangement (“CVA”) proposal presented to members and creditors of Your Space PLC, Workspace (North West Limited) and Your Space (UK) Limited (“the Group”) has been approved today in a meeting at Deloitte’s office in Leeds by an overwhelming majority of the Group’s members and creditors. The directors of the Group appointed Daniel Butters and Bill Dawson of Deloitte, the business advisory firm, as Joint Nominees on 27 October 2009, and will now act as Joint Supervisors to the CVA.
As a result of the CVA proposal being approved a dividend of approximately 20p in the pound is payable to the unsecured creditors over a 3 year period, with the potential in year 5 for up to a further 40p in the pound payable if the Group meets certain trading targets. An additional capital dividend would be payable dependent on property realisations.
Your Space PLC is listed on the Alternative Investment Market (“AIM”), and is a provider of serviced office space and a developer of property, both for sale and its own use. As a result of a downturn in activity and asset values in the property market, the business has faced challenges in securing increased occupancy rates to target levels, which has ultimately had an adverse impact on trading performance.
Daniel Butters, Partner in the Reorganisation Services practice in Deloitte’s Leeds office, said: “This is good news for the group as the CVA allows the business to remain as a going concern and maintain its trade. It offers job security to employees and certainty to its trading partners.
“This growing use of CVAs demonstrates that in the appropriate situation Administration can be avoided.”
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