Startups and tech giants help revenues rise by 62% at The Office Group

The Office Group (TOG), the London-headquartered supplier of flexible workspaces and co-working, has released its financial results for 1st January – 31st December 2015.

During this period, the company has reported a 62% increase in revenue to £54.3m, compared to £33.6m from the previous year. EBITDA was also up 33% to £15.4m (2014: £11.6m).

It is now London’s largest privately-owned occupier of office space.

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.

TOG is home to startups and SMEs, as well as an increasing number of larger companies such as tech giants such as Facebook, AOL, Dropbox and Pinterest, as well as large corporates including British Gas, Hochtief and Santander.

Founded in 2003 by entrepreneurs Charlie Green and Olly Olsen, TOG now has a community of over 10,000 individual members using its flexible office space.

Demand for TOG’s workspaces is being assisted by the rise of entrepreneurs in London, and SMEs employing up to nine people also account for 26% of TOG’s workspace. In addition, TOG now provides co-working space at 17 locations throughout London.

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.”

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