Fit-out firm which bought Paragon Interiors sold out of administration
The firm which bought the assets of former Nottingham-based fit-out firm Paragon Interiors out of administration has been bought in a pre-pack deal.
Nick Simmonds and Chris Newell of business advisory firm Quantuma have secured the pre-pack sale of commercial fit-out company Elev8 Interiors.
Elev8 bought certain assets of Paragon Interiors out of administration in April 2019.
Established in 1996, London-based Elev8 Interiors specialises in the design, fit out and refurbishment of commercial spaces, including receptions, common spaces, roof terraces and outdoor areas.
Clients range from SMEs to large enterprises, as well as high-end residential developments for private clients. Recent projects include the fit out of Coca Cola’s European HQ in Uxbridge and UGG Australia, and the construction of Elsley House in central London.
The company, which had a turnover of around £12m in 2018, has been in decline for some time and reported a drop to £2.5m in 2020. Elev8 ceased trading on 20 May and 10 employees have been made redundant, all of which have been notified.
Quantuma has sold the goodwill of the business to connected party Elv8 Interiors Limited in a pre-pack deal.
Nick Simmonds, joint administrator, said: “Elev8 Interiors had been trading well in previous years and is renowned in London for its commercial office design and fit outs for a number of household brands. However, it entered a period of decline starting in 2019 and, as a result, we have secured an accelerated sale of part of the business. A pre-pack administration was the best option for Elev8 Interiors as it will achieve a better result for its creditors.”
