Fladgate advises AIM listed Serviced Office Group plc on placing and debt financing

Our team: Julian Lewis

Fladgate LLP advised AIM listed Serviced Office Group plc (the Group), providers of flexible office space and IT solutions, on a placing and debt refinancing.

The placing, by Shore Capital, raised £9m through the issue of 450 million new ordinary shares at 2.0p. Outstanding borrowings of £23.7m with RBS are to be satisfied through a cash payment of £12.5m; granting to RBS of warrants over 5 per cent of the enlarged share capital; profit share in future sales of freehold assets and director’s investment of £1.3m in the placing.

New banking and overdraft facilities of £6.5m are being provided by HSBC.

The fundraising seeks to put the Group on a firm financial footing, addressing balance sheet issues and allows the Group to take advantage of the opportunities for continued expansion of the serviced office market.

Corporate partner Julian Lewis led the Fladgate team.

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