The Office Group looks for new funding

According to a report in The Daily Telegraph, Office Group investor Bridge Ventures has appointed Cavendish Corporate Finance to advise on finding investors to back the company’s expansion.

Bridge Ventures, which invested in The Office Group in 2003 through its Sustainable Property fund, would like to sell all or part of its stake as part of the process.

The Office Group was founded in 2003 by Charlie Green, who formerly worked for MWB and then set up Reflex along with Robert Schogger, and by Ollie Olsen, also ex MWB, now joint managing directors. The Office has six locations, five in London and one in Bristol, and says that its mission is “to create a product that would stand apart from the competition – simpler, design-led, greener and still offer value.”

According to the Telegraph the deal is likely to value the business at £40 million to £50 million, no doubt owing to the fact that it contains a number of freehold buildings.

Given the difficulty of raising capital in the current market, it will be interesting to see if Bridge Ventures manages its exit. Cavendish Corporate Finance specialises in selling businesses, but is not thought to have any experience with serviced offices.

Tags: Bridge Ventures, Cavendish Corporate Finance, Charlie Green, MWB, Ollie Olsen, sustainable property, The Office Group