A DIVISION of Leeds-based Moorgarth Property Group has bought serviced office provider Ventia for an undisclosed sum.
Moorgarth is owned by Tradehold, a vehicle for South African entrepreneur Christo Wiese who owns Virgin Active and was linked with Morrisons earlier this year.
The deal has been done by its subsidiary The Boutique Workplace Company, which was created in January and initially known as Moorgarth Asset Management.
It already has business centres in London’s West End and Midtown, which a third planned for Shoreditch in early 2016.
The addition of Ventia massively increases Boutique’s size, with the enlarged company having 2,500 workstations across 25 business centres in central London.
David Hall, managing director of The Boutique Workplace Company, said: “Ventia’s reputation and standing within the industry allows The Boutique Workplace Company to capitalise on its existing properties and trusted brand. Its established track-record in acquiring desirable office space at the right price and in the right location will serve to complement our on-going strategy.”
Ventia’s turnover has doubled in the last two years and it expects to deliver EBIT in excess of £3m in the current year.
Dave Irwin, Tom Hayes, Will Arnold and John O’Gara of Sentio provided transaction support and advisory services to The Boutique Workplace Company on the transaction. Austin Judson and Paul Emmett from Walker Morris provided legal advice. Darren Hobson of Hobson Tax Consulting provided tax advice and Paul Glinsman of Glinsman Weller provided property consultancy services.
Click here to sign up to receive our new South West business news...
