Little Tokyo Two placed into voluntary liquidation

Little Tokyo Two placed into voluntary liquidation

Serial entrepreneur Jock Fairweather's (pictured) incubator and co-working space Little Tokyo Two (LT2) has been placed into voluntary liquidation.

The four-year-old project has apparently suffered from new competition in the space, leading Fairweather to announce the liquidation of the business.

In a letter to supporters Fairweather sadly farewelled the project.

"Little Tokyo Two started as a place where a group of friends could get together, do business and drink beers. Almost four years later, LT2 has become one of the largest and most dynamic communities of entrepreneurs, innovators and creators in South East Queensland," says Fairweather.

"Despite the success of our incubation process the business of running a co-working space has been struggling, with increased competition in the market and new entrants, who under cut prices to attract new members.  After stress testing our future financial model and the financial difficulty, we have recently faced we have concluded that the viability of the LT2 as a co-working space is an unsustainable option for our future."

"It has been an amazing journey working with all of the incredible and talented community in South East Queensland. I sincerely apologize to everyone that has been impacted by this change, and I wish you every success in the future."

Earlier in 2019 Fairweather detailed the "future" of LT2 on LinkedIn one with a prioritised focus on supporting businesses rather than managing co-working spaces.

"What we have truly learnt - is that where we really deliver value and change lives is through helping businesses hire the right people at the right time, finding $10,000 for a same-day loan so that the company doesn't go liquid overnight and developing hedging strategies for volatile B2C companies by closing a big BD deal," says Fairweather.

"Where we do no NOT deliver value is by spending a whole day figuring out how to fix the Aircon or find a bolt that's come out of a chair."

As part of that announcement Fairweather detailed how 42 development plans for early, growth, and scale stage startups were on offer with LT2. It is unclear how those who picked up one of these new plans in February have been impacted by the shock liquidation.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Pet food startup ilume’s Fitbit for dogs is setting a new standard for animal health and wellness

Pet food startup ilume’s Fitbit for dogs is setting a new standard for animal health and wellness

In the same way that Apple, Garmin and Fitbit have revolutionised h...

Twiggy takes hands-on role at Fortescue as new leaders appointed to green hydrogen business

Twiggy takes hands-on role at Fortescue as new leaders appointed to green hydrogen business

Fortescue Metals Group (ASX: FMG) has announced a major restructure...

Without foreign students and workers, retail sector calls for pensioners to fill staffing gaps

Without foreign students and workers, retail sector calls for pensioners to fill staffing gaps

The Australian Retailers Association (ARA) has called on new g...

Cannon-Brookes launches shareholder campaign against AGL demerger

Cannon-Brookes launches shareholder campaign against AGL demerger

Australian billionaire and Atlassian co-founder Mike Cannon-Brookes...