Our involvement with Agora began when the business, once a major operator of adult gaming centres across the UK, fell into administration. For our client, supporting a management buyout was the only way to recover losses tied up in the group, and we were asked to step in.

The portfolio comprised 128 shops, primarily across London and the South East, with some further afield in the Midlands.

On paper, the opportunity was straightforward: an initial purchase out of administration for £4.5 million, with a further £2.5 million committed to stabilising the business.

In practice, it was far more complex.

We quickly realised that existing management could not deliver the turnaround required. Within weeks, we had navigated a series of disputes, culminating in High Court action and the landmark ‘Minmar (929)’ ruling, which went on to shape UK insolvency law. At the same time, we engaged with the Gambling Commission to secure the required approvals and ensure the business met strict regulatory standards.

Control of Agora was ultimately transferred to us, and we partnered with Praesepe, an experienced sector operator, to run the portfolio.

Alongside the operational challenges, we also managed the assignment of 120 separate retail leases, a task that required deep property knowledge and legal expertise.

By November of the following year, we had agreed a sale of Agora to Marwyn Investments for £19 million.

In just 18 months, a struggling business had been transformed into a profitable exit.

Agora exemplified our ability to combine property expertise with wider commercial and legal insight.

It required navigating regulation, restructuring management and executing rapid change in difficult circumstances.

For our client, it delivered both recovery and returns.

For us, it was a reminder that decades of property knowledge can often be the key to unlocking opportunities far beyond a bricks-and-mortar deal.

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