The founder of currency exchange firm Travelex has announced plans to purchase office space provider The Office Group from Bridges Ventures, the private equity firm set up Sir Ronald Cohen.
Lloyd Dorfman, founder of Travelex, will acquire a strong portfolio of six sites in London and one in Bristol from The Office Group in a deal costing £43.3 million.
Established in 2003 by Olly Olsen and Charlie Green, The Office Group helps to provide office design solutions to a large number of SMEs in the UK. The group originally had a single property in Islington, North London, but have since expanded their influence and portfolio.
Mr Dorfman also plans to extend the business by increasing the number of rentable properties and the office space on offer. He already has presence in the serviced office industry as the chairman of serviced office space provider, Esselco. The merger of the two companies will improve company predictions and strengthen profits, which combined are at a current total of approximately £10 million.
He said, “With interests in this sector already I was looking to diversify and it was evident that The Office Group had a very clear, differentiated proposition, an established customer base and a great vision for the future.”
With a firm belief that serviced offices will become increasingly popular thanks to effective flexibility and specifications suitable for companies that are not looking for long-term lease terms.