British flexible workspace operator Orega has completed a management buyout backed by U.K. private equity firm Apiary Capital, which has taken a majority stake. Financial terms were not disclosed, according to Coworking Europe.
CEO Alan Pepper and Orega’s executive management team are leading the buyout and will continue running the company. Founders Zach Douglas and Paul Finch remain investors, while Douglas moves from executive chairman to a non-executive director.
Orega targets 50 locations by 2031
Orega currently operates 25 centers across the U.K., including eight in London, covering about 62,700 square meters and serving more than 10,000 customers.
The company plans to roughly double its network to 50 locations by 2031, with expansion focused on London, Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Manchester and selected regional markets.
The growth will continue to rely on management agreements, under which Orega partners with landlords rather than taking conventional leases.
Flexible workspace market supports expansion plans
Orega cited forecasts putting annual flexible office sector growth at 8% to 10% through 2031. It also pointed to CBRE projections that flexible space could account for 20% of London’s office market by 2030, compared with about 12% currently.
The company said around 67% of flexible workspace deals in early 2025 were structured through management agreements, reinforcing the model behind its expansion strategy.
Orega has opened or expanded at nine locations over the past three years. The new investment is intended to provide additional resources and governance as the company pursues its next phase of growth.
