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.

Blogs

View by author:

Would you like to hear more?

Sign up to receive updates

Integrated

Our clients come to us to solve problems that are often complex and multifaceted. We draw together the multiple strands of a business or personal challenge into a coherent, integrated legal response that combines the knowledge and experience of experts in all the relevant fields.

Partner-led

We operate in small teams in which partners not only take the lead but also do a significant amount of the detailed work. Clients can be assured that the partners they engage and brief will remain closely involved in developing and delivering the advice as part of our close-knit, expert teams.

Experienced

Fladgate has a long heritage of delivering high-quality legal advice. We have been providing practical legal solutions to businesses and private clients for over 250 years. Today we are one of the UK’s top 100 law firms, with over 80 partners and a reputation for providing solutions that work.