The Office Group sale 'bags Dorfman £200m'

Xavier Trudeau
Juin 19, 2017

Blackstone has bought The Office Group in a deal that values the flexible workspace specialist at £500m (€572m).

Lloyd Dorfman, the founder of Travelex who had a majority state in TOG, as well as TOG's co-founders, Charlie Green and Olly Olsen, will remain shareholders after the Blackstone buyout.

Interest in the sector has been highlighted by United States private equity fund Carlyle last week moving into the London market with the acquisition of three London buildings to use as flexible workspaces.

The management team of The Office Group is understood to be retaining a small stake under the deal with Blackstone.

TOG, which competes in the United Kingdom with companies such as Regus and Second Home, was launched in 2003 by Olly Olsen and Charlie Green, its co-chief executives.

The deal reportedly to announce on Monday and the transaction will value the privately owned landlord of corporate clients such as Facebook and Santander UK. "The traditional workspace is being redefined in gateway cities across the globe, as evolving business practices increase demand for flexible office space to suit the needs of the discerning modern occupier".

"We are very excited, together with our new partner, Blackstone, to move onto the next phase of our development which will allow us to accelerate TOG's growth".

"In my seven years with the business, we have significantly expanded the portfolio and client base".

Despite backing the Remain campaign, Dorfman has said the result of the European Union referendum benefited The Office Group.

"London is the leading city in the world for flexible office space while current trends in the labour market show growing appetite for this type of work environment".

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