IWG is in advanced talks to buy Central Working which fell into administration this week.
The firm is understood to be in pole position to buy the London-based flexible workspace provider, with Talent Garden and Techspace also competing to buy the business.
Quantuma was appointed as administrator to Central Working this week. Citylounge Ventures, which trades as Central Working, runs a UK-wide network of shared workspaces, providing home to more than 2,000 businesses.
Central Working was launched in 2011.
Andrew Watling, partner at Quantuma, said: “Carl Jackson and I have been appointed administrators over Central Working due to financial issues, apparently caused by historically low occupancy levels and a failure to obtain additional funding.
“However, the underlying business now appears to be profitable and capable of sustainable growth. For this reason, we received and continue to receive several expressions of interest in the business. Subject to negotiations, we hope to be in a position to announce a sale within a relatively short period of time and are already in advanced talks with a prospective purchaser.”
He added that “continuing to trade” was a key priority meaning the administration should have “little or no day-to-day effect” on Central Working’s members.
IWG declined to comment. Central Working was approached for comment.
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