Cavendish advises on the sale of The Office Group

Published September 27, 2010

Cavendish Corporate Finance is delighted to announce the sale of The Office Group, the specialist provider of flexible office space, to a management buyout funded by Travelex founder Lloyd Dorfman. The deal was worth £43.3 million.

The Office, the concept which was founded by Charlie Green, Olly Olsen with Bridges Ventures, is a specialist provider of flexible office space with a portfolio of six sites in central London and one in Bristol, totalling 1,350 workstations. Dedicated to helping businesses succeed, The Office specialises in creating unique offices that are simple and considered in design. A strong regeneration and local community focus also ensures a sustainable and eco-friendly working environment. The business provides a
supportive base for some 340 entrepreneurial and fast-growing, mainly small to medium-sized, UK companies.

The Office has an average occupancy rate of 95% and forecasts revenues of
£7.29 million and EBITDA of £4.5 million for the year to December 2010. Plans are in place to expand the business and an active search is underway for new sites in London. Moving forward, the two businesses will continue to be run by The Office Group's founders Olly Olsen and Charlie Green.

Having been appointed to sell the business by Bridges Ventures in February 2010, Cavendish conducted an extensive global marketing exercise generating considerable interest from trade buyers and financial institutions. Lloyd Dorfman emerged as the successful bidder in late July 2010 and he was able to move at speed to conclude a deal in less than a month.

Phillip Newborough, Chief Executive of Bridges Ventures, commenting on the sale said:

"The Office has been a powerful investment for Bridges Ventures, providing the opportunity we see to build value through investing with our regeneration and environmental criteria. As The Office now enters its next phase for growth, I look forward to seeing its business continue to thrive. We are delighted with the outcome of the sale process."