Sellers are being sought for Unity House in Wakefield after administrators from Begbies Traynor were appointed.
Unity House is a grade II listed multi-use space which hosts meetings, conferences and live entertainment events as well as providing office space.
A registered Community Benefit Society, Unity House (Wakefield) Limited is an organisation that works with the local community and uses its assets to re-invest back into supporting and raising awareness of mental health and wellbeing.
The company was set up in 2011 and has eight permanent staff.
However, Unity Works has been unable to generate sufficient income and, due to ongoing funding requirements, it has not been possible to restructure the business. The board, therefore, made the decision to place the business into administration.
Its operations have ceased with immediate effect and all events have been cancelled although existing tenants will continue granted use of the building under the terms of their occupation.
One member of staff has been retained to manage the existing tenants, but the other staff have been made redundant.
The joint administrators, Lee Lockwood and Bob Maxwell, are seeking a buyer for the company’s long leasehold interest in the building.
“Unfortunately, the current operation of the building has proved to be unviable and there was no option but to place the business into administration,” said Mr Lockwood
“Our priority is now to find a buyer for the company’s long leasehold interest in the building so that we can recover what we can on behalf of the creditors.”