INVESTOR INTELLIGENCE
A failed turnaround strategy and unsuccessful business rescue attempt left them facing voluntary liquidation . “ Feeling like our world had just come to an end , we began navigating our way through the liquidation . At the time I envisaged locks on doors , ruined lives , repossessed equipment , the sheriff at my home , rejection , and alienation . As it happened this was not the case , what we witnessed was love , compassion and support ,” he says .
They found creditors who were prepared to engage , supportive customers and motivated staff . “ This drove us to find a way out , but we had to get the support of the liquidators . Having presented our case to them , they agreed to indulge in a ‘ holding pattern ’. In other words , we could continue trading under their administration until we were in a position to wean ourselves . In essence , the old business was dead , but they were giving us the opportunity to birth a new one ,” he says .
It was January 2021 . His previous business partner took charge of the Jo ' burg businesses , leaving him two in Durban . He says that the COVID landscape has created a unique set of circumstances where the skills he had honed operating in the short-term and small office rental market over the past 15 years were perfect to support landlords .
We ’ re developing a new model , one that suits the future of space and services and one that will better benefit the user . Our immediate goal is to build the brand and dominate the market with a range of products more suited to the agile , work-fromanywhere workforce .” He says that , throughout this change of season , EO provided him with a safe space and support base while he was “ figuring things out ”.
Sask
124 OCT 2022 SA Real Estate Investor Magazine