East Sussex-based flexible office space provider Platform Nine Limited (trading as PLATF9RM) has been sold out of administration to Worthing-based Freedom Works, which has experience in the office space sector in the region.
Sean Bucknall and Elias Paourou from London-based business advisory group Quantuma were appointed as joint administrators of Platform Nine on December 30 last year.
And with the assistance of their solicitors DMH Stallard, completed the sale of the business shortly thereafter. All 26 employees from Platform Nine have transferred to the purchaser under TUPE regulations.
Jon Trigg, director of at Freedom Works, said: "I’m delighted to provide continuation of 26 jobs and to welcome our new colleagues into our team, as well as continuing to provide meaningful employment space for the local community.
"We are excited to be part of the next chapter of keeping the PLATF9RM brand ethos and community in place, with the plan to grow in time."
Founded in 2016, PLATF9RM was an established brand within Brighton and Hove.
Its premises include coworking and office accommodation and meeting rooms, with a café and events space.
The business reported turnover of £2.9m in 2023 but due to some legacy issues, Platform Nine Limited had encountered cashflow issues and was unable to restructure outside of a formal insolvency.
Sean Bucknall, joint administrator and managing director at Quantuma, added: "I am delighted to have achieved such a positive outcome for this reputable and well-established business.
"We are very pleased to have secured the long-term viability of the business, ensuring that all employees' jobs have been saved and allowing the business to continue its journey following this sale to a buyer with the ability to take Platform Nine forwards."
