The Office Group (TOG), the British pioneer of flexible workspaces and co-working, today released its financial results for 2015 (1 January – 31 December 2015). It is now London’s largest privately-owned occupier of office space.
Financial highlights for The Office Group include:,
• Revenues up 62% to £54.3m (2014: £33.6m)
• EBITDA up 33% to £15.4m (2014: £11.6m)
During the year TOG acquired over 390,000 sq ft of new office space in London and then further expanded to reach over 1 million sq ft in April 2016.
The Group’s portfolio now stands at 33 buildings, of which 31 are in central London. With over a third of its portfolio still in development, the company is well positioned for significant future growth.
TOG is home to start ups and SMEs, as well as an increasing number of high-profile companies including tech giants such as Facebook, AOL, Dropbox and Pinterest, as well as large corporates such as British Gas, Hochtief and Santander.
The demand for the company’s offering continues to increase, with a growing number of leading landlords seeking to anchor their new schemes with lettings to TOG, as its flexible workspace provider. This brings benefits through diversifying the occupier mix and also gives their conventional tenants the flexibility to take project workspace and meeting rooms.
TOG now has a community of well over 10,000 individual members using its flexible office space. The rise in entrepreneurs in London is helping to drive demand for its workspaces, with SMEs employing up to nine people accounting for 26% of TOG’s workspace. In addition, TOG now provides co-working space at 17 locations throughout London.
TOG was founded in 2003 by entrepreneurs Charlie Green and Olly Olsen, who set out to challenge the commercial property sector by offering a viable alternative to traditional leases and design-led offices - an innovative approach to offices.
Lloyd Dorfman CBE, who funded the management buyout in 2010 and is TOG Chairman and majority shareholder, commented:
“This is a really positive set of results. The business is growing at a rapid rate as we see increasing demand for flexible office space. It has expanded by over five times in the past six years. We are now at over one million square feet.
“Our buildings are predominantly in London, the largest market in the world for flexible offices. There is enormous demand for flexibility as working patterns change; nowadays one in seven people in the UK are self-employed.
“We believe that the uncertainty caused by Brexit could well increase demand for flexible office space.”