Important Update: Business Administration Notification

The Float Space
Maroochydore

Dear Valued Clients

I hope this message finds you well. I am writing to inform you of a significant and unfortunate development regarding THE FLOAT SPACE. After careful consideration and exhaustive efforts to stabilize our operations, we have come to the difficult decision to go into administration.

This decision was not made lightly and comes after carefully looking at market challenges, economic pressures, cost of insurance (gone up over 300%). Despite our team’s unwavering dedication and commitment to overcoming these obstacles, it has become clear that we are unable to continue our operations sustainably.

Entering administration is a step we are taking to protect the interests of our creditors and employees while we seek to explore all potential avenues for a restructuring or sale of the business. We are working closely with the administrators to ensure that this process is conducted as smoothly and efficiently as possible.

We understand that this news may raise concerns, and we want to assure you that our goal remains to find the best path forward. During this process, we will do our best to keep you informed of any developments and decisions that may affect you.

We are hoping to sell the business so our clients can have their gift cards and existing credits honoured. If this is not possible all assets will be sold, and secured creditors will be paid first and the remainder will be divided evenly between our valued clients. This process will take serval week, so please be patient. Please refer to website for updates

We truly appreciate your support and understanding during this challenging time.

Thank you for your attention to this matter.

Sincerely,

The Float Space Team