Acquisition of Three Serviced Office Centres from TOPCENTRE

Citibase PLC, the fast growing serviced-office company to cost conscious small and medium-sized enterprises (“SMEs”) from 25 locations around the UK, announces the recent acquisition of 3 serviced-office centres (in Brighton, Horsham & Burgess Hill) from TOPCENTRE, a regional serviced-office business based in Sussex.

The three acquisitions follow on from eight earlier acquisitions this year by the company, which has seen a doubling of its portfolio of workstations over the past six months and represents tangible evidence of the Company implementing its strategy to consolidate the serviced-office mid market and growing its presence into London and the South of England from an existing heartland in the Midlands and the North. The Group is currently planning to double its portfolio again over the next financial year.

The three centres collectively comprise 28,000 square feet, have 355 workstations and are well suited and appropriate to cost conscious young and growing businesses. All three centres are in their respective town centres and close to key transport hubs and have a track record of profitable trading. The three centres saw turnover in aggregate of approximately £1.0 million over the past year.

Steve Jude, Chief Executive of Citibase, commented: “We are delighted to have secured these three excellent sites. These three acquisitions, in addition to the eight centres we acquired earlier this year, gives us something different – it gives us now regional representation in the South of England and is part of our plan to build out and expand into the South of the country”.

Jon Addis, Finance Director of Citibase, added: “I am very pleased to have completed this first deal since I joined the company in September and believe that Citibase is in an excellent position to further expand its footprint in this fragmented market. With our robust funding structure and with cash on our balance sheet, we can act quickly to get deals done and we can be flexible about what form those deals take – either freehold, leasehold or management contracts. We are keen to utilise our cash to further grow the business and take advantage of the wide range of opportunities that exist in today’s market”.

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