BE Offices readies for expansion after £84 million refinancing deal

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Serviced office provider BE Offices has completed a £84 million refinancing deal with HSBC.

The refinancing package sets up BE for continued expansion and has extended the period of the company’s fixed debt to five years.

BE’s office portfolio has grown to 800,000 sq ft of flexible workspace in 19 business across the UK, 14 of which are in London.

Simon Rusk, BE’s Finance Director and co-founder, commented: “This is a major step forward for the company. Not only does the refinancing provide us with a solid foundation and security going forward, it also releases significant cash to fund our planned expansion over the next few years.”

David Saul, BE’s Managing Director and co-founder, added: “We regard this refinancing as a major endorsement of the business and its future. We believe BE is extremely well placed to take advantage of the fast-growing flexible workspace market. BE has a quarter of a century of successful and profitable experience in this market which we will bring to bear as the sector enters the next phase of its expansion.”

Last November BE acquired Headspace that took it into the tech, media and creative industries sectors for the first time. It also launched BESpoke last Autumn which is aimed at the corporate market.

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