Global automotive uncertainty brought down specialist events company
A Loughborough-based events management company that fell into administration in February owing £1.08m to creditors was sold for just £90,000, documents seen by TheBusinessDesk.com have revealed.
Noble Events, which specialised in organising events for the automotive industry and high-net-worth individuals, appointed administrators at FRP Advisory on February 18.
The firm was subsequently sold to Swindon business veSpace in a deal that saved 21 jobs.
Documents from administrators show that Noble Events had fallen victim to global uncertainty in the automotive sector in 2023 and had started to rack up losses, which, in turn, put pressure on cashflow. This, combined with rising costs and the resignation of a long-standing finance director, led the directors to seek professional advice from FRP Advisory at the beginning of September.
A protracted sale process, during which one buyer pulled out, saw the firm sold on February 14.
A spokesperson from veSpace said: “We are delighted to announce that veSpace International Limited has acquired the trade and assets of Noble Events Limited; an award-winning agency that works with some of the world’s leading brands.
“This addition extends our incredible portfolio of companies. Their culture, ethos and team spirit echo our brand values. Under the veSpace umbrella, Noble Events will have continuity of service for their clients and security for the talented team members.”
According to its latest accounts, made up to the end of March 2024, veSpace had a turnover of £14.3m – up around £1.5m from 2023. The company turned a profit before tax of £719,839 – down slightly on 2023’s figure of £721,891.
veSpace employed 69 people at the time.
