Mishcon de Reya advised the independent provider of flexible offices BE Offices (BE) on the next phase of its expansion programme with the acquisition of co-working specialist Headspace Group. Headspace develops and manages inspiring, flexible work and event space for the UK’s tech, media and creative communities. This latest acquisition is an important strategic move because it enables BE to enter a rapidly expanding sector of the flexible workspace market and adds a third division to its portfolio.
BE recognises the importance of having expertise in a range of market sectors at a time when the serviced office industry is becoming increasingly competitive with a number of new operators entering the industry almost daily. BE believes it is one of the few operators capable of offering a wide range of flexible space and co-working occupiers a complete one-stop shop irrespective of whether it is simply a desk, co-working membership or a corporate occupier requiring 30,000 sq ft of flexible space.
It is intended that the Headspace brand will be retained, with BE looking to expand the brand to as many as 20 centres over the next three years. Founder Jonny Rosenblatt will exit the business to focus on new opportunities.
David Saul, Managing Director and co-founder of BE, commented: “We believe that with our financial resource and well-established management team we can really develop the Headspace brand and fully realise its potential to become a major force in the co-working and flexible workspace sector. We enjoy working with the team at Mishcon, who have always been and are there to support the growth and success of our business.”
Nick Davis, Partner and Head of Corporate who led the Mishcon team of Lucinda Cridland (Associate) and Fran Denny (Trainee), commented: "We are very pleased to have advised our long-standing client BE Offices on this acquisition and to continue to support BE Offices in their growth strategy. We are looking forward to watching their growth in the coming years, taking full advantage of the rapid rise of flexible workspace in the UK."