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A subsidiary of coworking firm Huckletree that leases 20K SF of office space in west London and has accumulated rent arrears has gone into administration.
Partners from Quantuma Advisory were on Tuesday appointed administrators to Huckletree (West).
The company leases space on the ground floor of the 230K SF MediaWorks building at White City Place in west London. The scheme is a redevelopment of former BBC buildings that is owned by Canadian investor Cadillac Fairview and asset managed by Stanhope.
Huckletree told Bisnow the site is still open and trading.
“This decision is part of a constructive process to allow us the time to find a resolution that works with the aim of continuing our operation within the White City campus,” Huckletree CEO and co-founder Gabriela Hersham said in an emailed statement. “This does not impact any other locations or the wider business, and our new sites are opening as planned.”
Hersham did not respond to a request for comment on precisely why administrators had been appointed to the special-purpose vehicle.
The most recent accounts for the SPV, covering the year to March 2023, said “the company has an agreement with its landlord over payment of rent arrears” without mentioning a specific figure or time period for payment of arrears.
It said the SPV was committed to making lease payments of £2M in the year starting March 2023, £5.3M between one and five years of that date, and £4.4M after five years.
Stanhope declined to comment on the administration, and Quantuma did not reply to a request for comment.
Huckletree has eight coworking locations across London, one in Manchester and one in Dublin.
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