22nd June 2015, Press Release –
National provider of flexible business accommodation, Bizspace, has been sold to Värde Partners. Värde acquired all the shares and assets of the Bizspace group of companies and, through its acquisition, substantially deleveraged the group’s balance sheet.
The change in ownership lays a foundation for growth and continued customer enhancement.
“Bizspace’s focus on supporting small and start-up businesses remains at the forefront of our business model,” said managing director Gareth Evans. “The sale is fantastic news not only for Bizspace and our staff, but for all our existing and potential customers.”
“This deal will allow us to acquire new business centres, ensuring continued growth to meet strong customer demand, and will allow us to make additional investments in our current sites,” continued Gareth. “Our ongoing focus on customer satisfaction produces great ideas for improvement, ensuring that our customer experience is second to none.”
“We are pleased to be working with Gareth and the team,” said Tim Mooney, Värde’s Senior Managing Director. “Bizspace has a proven business model and continues to support growing businesses, particularly the small business segment which accounts for one in every three jobs in the UK. We hope our ownership will enable the company to increase that support through the acquisition of additional under managed assets.”
Bizspace currently has 97 locations, comprising six million square feet, throughout England and Wales. Bizspace’s vision of providing companies all the benefits of professional business premises, but without the burden of a fixed-term lease, is proven in the marketplace. Founded in 2000 with a single site, Bizspace has achieved rapid and sustained growth. The firm leases commercial units, offices, studios, industrial units and storage to hundreds of businesses across the country. Its collaborative workspace, The Work Lounge, is now available at five of its centres, offering start-ups and home workers convenient access to work space and a critical step toward full-time premises. The company’s business plan includes investment in further locations to maximize coverage in all regions of the UK.
About Värde Partners:
Värde Partners is a $10 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, residential mortgages, specialty finance, transportation and infrastructure. The Firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 200 people with main offices in Minneapolis, London and Singapore.