Office and meeting space provider MWB Business Exchange has announced plans to open new London venues following the successful refinancing of its parent company, MWB Group Holdings Plc.
MWB Group Holdings, which also owns the Malmaison and Hotel du Vin chains, has reduced its net debt from £272m to around £180m and has increased its holding in MWB Business Exchange to 75.22 per cent. This has enabled it to reduce overhead costs by 23 per cent across the group.
The business has now been re-launched with a new look and a new strategy, which includes un-branding its 60 UK centres and allowing clients to design their own bespoke offices. It is also looking to open more meeting venues in central London, following the launch of flagship centres near Victoria and Liverpool Street train stations in 2010.
“We’re investing heavily in our product; not just the serviced offices but our meeting and training venues” said Morag Alabaster, director, MWB Business Exchange Meeting Venues division. “We’re currently looking at several acquisitions. The Cannon Street, Fleet Street and Liverpool Street venues saw a 35 per cent increase in business last year. Victoria has been a bit slow, due to the decline in Government business, but the city has been booming. The board is now clearly focused on growing the business and we are looking to double EBITDA (earnings before interest, taxes, depreciation, and amortization) in 2012.”
MWB Group Holdings is looking at ways to delist MWB Business Exchange from the AIM stock market.
Pictured: Morag Alabaster