Tim Vance, Charles King, and Andrew Dolliver of EY-Parthenon’s Turnaround & Restructuring Strategy have been appointed as Joint Administrators for Extraspace Solutions (UK) Limited and its subsidiary, Spatial Initiative Limited.
According to the administrators, both companies have ceased trading immediately, resulting in the redundancy of most of the 100 employees. Reports Contract Journal
EY explained that the businesses faced significant losses from legacy contracts, which created severe liquidity challenges.
“Despite exploring options to safeguard the future of the businesses and secure additional funding, it has not been possible to raise the funding required to continue trading. As a result, the Directors applied to place the Companies into administration.”
EY emphasized that although Extraspace Solutions (UK) Limited and Spatial Initiative Limited are owned by Cathexis UK Holding Ltd—also the owner of ISG—the two companies operate under a distinct corporate structure. The administration of ISG has not played a role in triggering their insolvency.
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