Although the fee has not been disclosed, it has been confirmed that Citibase has been purchased by Newable. They have taken over the Citibase portfolio of 40 offices with the idea to provide various office options to small and medium sized businesses.
In total there are 10 locations in London with a further 30 spread throughout the UK. Their Tower Bridge property is already in operation in partnership with Newable, although it is expected that the rest of them will continue to run under the Citibase brand. It will also be under the same leadership, with CEO Steve Jude continuing to lead operations. At this time, Newable intend to focus its efforts on growing the company and there are no redundancies planned.
A Look At Citibase
Since its launch, Citibase has consistently expanded its property portfolio. Citibase was started in 1993 and has gone from strength to strength since.
It is thought that Newable intend to double the number of locations they have throughout the UK, with plans to grow to over 100 locations. The deal made between Newable and Citibase makes up part of Newable’s growth strategy to expand throughout the UK; which they intend to implement across the next few years.
Chris Manson, the CEO of Newable, said that they liked the idea that Citibase was already a successful business. He felt that the platform they had created was good to go and in the perfect position to be scaled, which is exactly what Newable’s intentions are. They said that they have always considered the flexible office spaces offered by Citibase as the ways things will progress and were glad to be a part of it moving forward.