Newable Acquires Citibase
UK flexible workspace operator Citibase has been acquired by Newable, a provider of finance, business advice and premises.
The deal will create a "one stop shop" for SMEs by combining Citibase's flexible workspace solution with Newable's suite of additional business support and advisory services.
Citibase, which will continue to trade under its own name, currently manages 40 offices from Aberdeen to Brighton, generating circa £20m of revenue. Prior to the deal, Citibase and Newable were already partnering on an office in London Tower Bridge.
Steve Jude, Chief Executive Officer of Citibase, commented: "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.
"While there have been many new entrants offering spaces and amenities, we see access to funding and business building advice as equally important tools for success.
"With the backing of Newable and its additional product offering, we will be able to provide an unrivalled nationwide growth proposition for the UK’s 5.7m SMEs, who collectively form the beating heart of the economy."
Chris Manson, Chief Executive Officer of Newable, commented: "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. This, combined with Newable's services and network, makes for a highly compelling offer for both existing and potential new customers."
Steve Jude will continue to lead Citibase and will also join Newable's Leadership Team, led by Chris Manson. Newable's immediate priority is to support and accelerate the growth trajectory that Citibase is already on, providing additional services to existing customers and aiming to more than double the number of offices under management to over 100.
Citibase's headquarters will remain in Birmingham, supported by Newable's four offices in London and the South East. The acquisition forms part of a wider growth strategy for Newable, which is aiming to treble in size within five years.