In a deal aimed at supporting SME’s, business advice firm Newable have purchased Citibase for an undisclosed fee.
The acquisition includes Citibase’s 40-office portfolio, with Newable aiming to provide flexible office space on top of business development finance for small to medium business, in an attempt to be the go-to company offering support for SME’s.
Citibase’s serviced offices are spread across the UK, with ten locations in London. Their Tower Bridge location is already operated in partnership with Newable. Citibase will continue to operate under the same name and its CEO Steve Jude will continue to lead operations, whilst also joining Newable’s Leadership Team. There will be no redundancies, with Newable looking to focus on improving the company’s growth trajectory.
Since its inception, Citibase has continually expanded its office portfolio but Newable intends on increasing that growth significantly and doubling their number of locations to over 100. Since 1993, Citibase has developed and managed buildings on behalf of landlords and owners.
Their CEO, Steve Jude, recognises the common goals of Newable: “This deal represents a shared vision to unleash the potential of Britain’s businesses”. He also emphasised the opportunities serviced offices present as opposed to traditional spaces: “The world of work has changed forever, with businesses shunning traditional long lease offices in favour of agile and flexible spaces that allow them to flourish”.
This deal is part of a larger growth strategy for Newable, who are looking to treble in size over the next five years. This year they reported a net asset value of £57 million and see Citibase as a strong opportunity for growth.
Newable’s CEO, Chris Manson, said: “Citibase is a highly successful business and represents a ready-made platform that can be scaled. We have always viewed Citibase’s management and profit share model for flexible offices as the future”.