Bizspace looks to future following ‘£130m’ sale

THE acquisition of new sites, investment and continued growth are on the agenda for office space operator Bizspace following its recent sale to Värde Partners.

Investment firm Värde has acquired all the shares and assets of the company formerly owned by a Highcross fund, for a reported £130m.

The deal was a distressed sale sold on behalf of legacy banks over the company’s defaulted debt held by RBS, HSBC and Nationwide through PwC and Savills.

Bizspace, which has 17 sites in Yorkshire, says 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,” he added. “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.”