London-based flexible workspace operator, The Office Group (TOG), has posted impressive financial results for 2015 (1 January – 31 December 2015) which it largely attributes to demand from corporates and technology firms.
Financial highlights for The Office Group during 2015 include:
- Revenues up 62% to £54.3m (2014: £33.6m)
- EBITDA up 33% to £15.4m (2014: £11.6m)
In 2015 TOG acquired over 390,000 sq ft of new office space in London – which included two floors at the UK’s tallest building, The Shard – and went on to further expand its reach to over 1 million sq ft by April 2016.
TOG, which was founded in 2003 by Charlie Green and Olly Olsen, is now London’s largest privately-owned occupier of flexible office space. The company has an established portfolio of 33 buildings – 17 of which provide coworking space throughout London. And with over a third of the company’s portfolio still in development, TOG’s impressive growth rate is showing no signs of slowing down.
A statement claims that demand continues to increase, with a growing number of landlords seeking to anchor their new property schemes with lettings to TOG. The company currently accommodates over 10,000 individual flexible workspace members and a number of high-profile technology clients including Facebook, AOL, Dropbox and Pinterest, as well as large corporates such as British Gas, Hochtief and Santander.
TOG Chairman and majority shareholder Lloyd Dorfman CBE commented: “This is a really positive set of results. The business is growing at a rapid rate as we see increasing demand for flexible office space. It has expanded by over five times in the past six years. We are now at over one million square feet.
“Our buildings are predominantly in London, the largest market in the world for flexible offices. There is enormous demand for flexibility as working patterns change; nowadays one in seven people in the UK are self-employed.
“We believe that the uncertainty caused by Brexit could well increase demand for flexible office space.”