London, 14 March 2022:
TOG (The Office Group) and Fora announce that they have agreed to merge, subject to regulatory approval. The combined group’s aim is to be the premier flexible workspace company in the UK and Europe, bringing together two highly complementary businesses with similar cultures and high quality, design-led workspaces.
The demand for flexible workspace is growing rapidly across all sectors as businesses seek greater employee productivity, comfort and wellbeing, as well as providing a range of designs and amenities to suit different working styles and needs. These buildings are also selected with convenience in mind, with well-connected locations that suit more hybrid working in a post pandemic world.
The combined group would comprise 72 premier locations totalling 3.1 million sq. ft. across London and in Cambridge, Oxford, Reading, Bristol, Leeds, Berlin, Frankfurt, and Hamburg with plans to expand into other European cities.
The co-founders of the two businesses will drive the new company forward. Olly Olsen will be Executive Chairman, Enrico Sanna will be Chief Executive Officer and Charlie Green will become President, responsible for all aspects of real estate across the combined business. Katrina Larkin will be Chief Environment, Social and Governance Officer. Together they bring almost 60 years of sector experience and knowledge to the organisation.
Current TOG and Fora tenants include bp, GSK, Ocado, AMC, Adobe, British Fashion Council, Tortoise Media, among many others.
Olly Olsen, Co-founder and Co-CEO of TOG commented:
“The strong strategic and cultural fit between our two businesses and the supportive market dynamics, as more businesses embrace flexible working, make this merger an exciting proposition."
“We have seen a clear and growing need from corporates for better quality environments, with great amenities, beautiful design and that are easily accessible. The combination of our businesses would ensure that we are best placed to meet this growth opportunity in both the UK and Europe, offering existing and potential members even greater choice.”
Enrico Sanna, Co-Founder and CEO at Fora, commented:
“Businesses are increasingly recognising that the workplace is no longer a commodity, but rather a space that can be used to actively drive improved productivity, collaboration and the wellbeing of their teams. The combined portfolio of TOG and Fora will meet this need and evolving expectations, offering high quality and flexible locations that are design-led, with a range of services and amenities that are conducive to enhanced employee and business performance.”
The financial terms of the proposed merger have not been disclosed.
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Notes to editors:
Rothschild & Co has advised on the merger.
ABOUT TOG (THE OFFICE GROUP)
TOG is a leading provider of flexible workspaces that are distinctive by design, supporting businesses and people to thrive. TOG’s in-house design team works with partners who respect the community, history and context of each building to create beautifully inspired spaces where people can do their best work.
With buildings in London, Bristol, Leeds and Berlin, Frankfurt and Hamburg members can work from any of TOG’s 44 buildings, all of which are as individual as the people within them. From dedicated office to coworking memberships, the flexibility TOG offers businesses enables them to grow, downsize or exit a space quickly and cost effectively. TOG has a further six buildings under construction across both London and Germany opening in the next 18 months, and two additional locations opening in 2024.
In June 2017, Blackstone – a global leader in real estate investment – acquired a majority interest in TOG.
For further information please visit www.theofficegroup.com/media-relations
Fora is taking forward thinkers on an exciting journey to reimagine the working day. Comprising flexible, consciously designed spaces, premium amenities, a curated programme of events, and a 360-degree wellness offering, the Fora workplace experience is engineered to maximise productivity, wellbeing, and overall satisfaction.
The current Fora network consists of 14 locations across London – including Soho, Spitalfields and Borough – and Reading, with six new workspaces in the pipeline (four of which are due to open in 2022) including Cambridge, Oxford and Oxford Street.
Fora is backed by funds advised by Brockton Capital. Between the three Brockton Capital funds and the newly formed Brockton Everlast vehicle, spanning 2006 to-date, Brockton have raised over £2.0bn of equity capital which has supported over £7.0bn of gross assets spanning 20m sq ft in over 300 properties.