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HMRC has filed a winding-up petition against commercial real estate firm Avison Young, TheBusinessDesk.com can reveal.
The action was launched today against Avison Young Holdings and Avison Young Workplace after the taxman lost patience.
The Birmingham-headquartered business made pre-tax losses of £102m in both 2023 and 2024, on revenues of just more than £210m, in the wake of wider post-pandemic slowdown in the sector. Its 2025 accounts are due to be filed at Companies House within the next two months.
Avison Young grew significantly in the UK following its acquisition of GVA in 2019, but has struggled throughout the post-pandemic years.
Headcount reduced by around 300 over a two-year period as the group restructured several departments and repositioned its service offering, in the wake of its huge, albeit largely-non-cash, losses. Its 1,400-strong UK workforce represents around one-third of the global business, which is headquartered in Canada.
Avison Young has 11 UK offices, in London and the major regional cities, from Edinburgh to Bristol.
The UK property sector has continued to struggle in recent months. In Avison Young’s UK home city, Birmingham, the city centre recorded its weakest office leasing quarter since the pandemic between April and June. Just 45,000 sq ft was taken across eight deals in the quarter.
Elsewhere, £165m-turnover Torsion Construction filed a notice of intention to appoint administrators on Monday, blaming “a prolonged period of exceptionally challenging trading conditions across the UK construction sector”.
Avison Young has been approached for comment.
More to follow.
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