Melbourne-based Victory Offices has 1,100sqm of co-working space Perth’s Exchange Tower.
Co-working space provider Victory Offices has entered voluntary administration, citing increasing overheads, competition and legal disputes with landlords for its decision.
In an update to the ASX today, the group said there was a high likelihood it would become insolvent in future.
“The decision comes as the company navigates through a challenging period where occupancy levels are increasing, however, higher overhead costs such as rental costs, competition and managing ongoing legal disputes with landlords has necessitated the board to make this decision,” the company said in a statement.
Its board of directors has appointed Danny Vrkic and Daniel O’Brien of DV Recovery Management as the administrators of the company, which has a $6.63 million market cap.
Victory Offices runs co-working space in the ACT, Victoria, Queensland and WA.
In Perth, the group manages the 17th floor of Exchange Tower at 2 The Esplanade.
Victory Offices shares are currently locked in a trading halt, but last changed hands at 4.2 cents.
