RNS Number:4504T
Bizspace PLC
19 December 2003


                                  BIZSPACE PLC

                              #2.335m ACQUISITION


Bizspace plc, the provider of flexible managed workspace for small to medium
sized businesses, announces today that it has exchanged contracts to acquire 2
further managed workspace centres for a total consideration of #2.335m, with
completion expected to take place on 20 January 2004. The acquisition will be
funded utilising part of the proceeds from the recent Placing and Open Offer and
partly through new debt finance with Anglo Irish Banking Corporation.

The 2 centres, formerly owned by Ashtenne Holdings plc, and operated as part of
their Imex portfolio, are situated in Bordesley Green, Birmingham and
Willenhall, Wolverhampton. They provide 128,500 sq ft of flexible workspace in
130 units.

Whilst the property in Wolverhampton has been refurbished within the last 2
years, the Birmingham site requires a comprehensive upgrade to fulfill its true
potential. Currently the properties produce a gross income of #0.4m based upon
occupancy levels of c.65%, but profitability will improve once Bizspace's more
proactive management is introduced.

Neil Corderey, Managing Director of Bizspace said:

"These properties in the Midlands follow on from our recent #15.8m acquisition
in the North West of England which focused on the Greater Manchester conurbation
and surrounding satellite towns.

"Likewise we now see the areas in and around Birmingham as also having great
growth potential for the development of small businesses. These new workspace
centres provide us with a great opportunity to create additional value following
their rebranding. In the short term we will focus on increasing occupancy levels
as well as reducing unnecessary costs."

"Bizspace will now operate 28 sites nationwide, totaling 2.27m sq ft of flexible
workspace in over 1,400 individual units. Bizspace's projected annual turnover
will now stand at c#8.4m."


ENDS


For further information please contact:

Bizspace plc                                          Binns & Co PR Ltd
Neil Corderey, Managing Director                      Paul McManus
Paul Davis, Finance Director                          Tel: 020 7786 9600
Tel: 020 8815 1616                                    Mob: 07980 541 893
www.biz-space.co.uk                                   paul.mcmanus@binnspr.co.uk


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