TIDMMBE TIDMMWB
RNS Number : 3126Y
MWB Business Exchange Plc
20 February 2013
FOR IMMEDIATE RELEASE
20 February 2013
MWB BUSINESS EXCHANGE PLC
HIGHLIGHTS FOR SIX MONTHS ENDED 31 DECEMBER 2012
-- Strong progress during period with positive increases in most key performance indicators:
o Revenue rises to GBP61.6m from GBP60.0m in previous comparable
period* (GBP121.1m for year to 30 June 2012).
o Operating EBITDA advances to GBP5.1m against GBP1.0m* -
exceeds GBP4.9m estimate announced by Board in the January 2013
trading statement (GBP4.3m for the year to 30 June 2012, of which
GBP3.3m earned in six months to 30 June 2012). EBITDA for the
calendar year 2012 totalled GBP8.4m.
o Substantial reduction in pre-tax losses - down to GBP0.6m
compared to GBP2.0m in previous comparable period* and GBP14.8m for
full year to 30 June 2012.
o Loss per share of 2.4p against 2.9p* (loss per share of 9.6p
for year to 30 June 2012).
-- Impact of key management initiatives on improved rate performance:
o REVPAW rose 7% to GBP7,447 and REVPOW increased 5% to
GBP8,931** (respectively GBP7,530 and GBP9,029 at 30 June
2012).
o Occupancy maintained at 83%.
o Introduction of "Signature Offices".
o 70% client renewal rate enabling increases in rate of between
2% and 4% every six months.
o Average client stays 27 months with Business Exchange.
o Focus on SMEs across wide range of sectors - no great
dependency on large clients.
o Almost two-thirds of total clients take 5 or fewer
workstations, underpinning resilience of business.
-- Business Exchange is London's leading provider of flexible
business space with 66% of its 18,000 workstations located in the
capital.
-- Cash offer by Regus Plc announced on 19 February 2013,
valuing the Company at GBP65.6m, representing 101p per share.
"Our prospects for the coming year are extremely positive and
our prime position as London's leading provider of serviced office
space will stand us in good stead over the next 12 months. With our
rolling refurbishment programme and controlled expansion of the
portfolio, we look forward to the coming year with confidence and
optimism."
John Spencer, Chief Executive
* Comparison is with unaudited figures in half-yearly financial
report for six months ended 31 December 2011.
** Annualised figures for December 2012 compared to December
2011.
Contacts:
MWB Business Exchange Plc
John Spencer, Chief Executive Tel: 020 7868 7268
Andrew Blurton, Corporate Finance Director Tel: 020 7868 7321
Nplus1 Singer Advisory LLP
Sandy Fraser Tel: 0845 213 2072
Baron Phillips Associates
Baron Phillips Tel: 020 7920 3161
CHIEF EXECUTIVE'S REPORT
Introduction
I am pleased to report strong progress during the period under
review in spite of the uncertain economic environment. This
progress is reflected in positive increases in virtually all our
key performance indicators, as our strategy of focusing on the
all-important Central London market, together with tight cost
controls, continues to deliver excellent results.
While this has been a period of consolidation for our business,
it has enabled us to concentrate resources in those areas that are
giving, and will give, the Company the greatest returns on its
investment. As we have confirmed previously, Business Exchange is
London's largest provider of flexible business space with over 60%
of our 64 centres and 18,100 workstations within the M25. We are
looking to further strengthen this position with a controlled
expansion of centres in key locations in London over the coming
year.
We also believe shareholders will benefit from our relative
degree of freedom from MWB Group Holdings Plc ("MWB Group") our
majority interest shareholder, following the decision by its
lenders to place it into administration in November 2012. This new
independence enables us to channel our positive cash flow into
growing the business.
Results
Against this background I am delighted to report a rise in
revenue over the six months to 31 December 2012 to GBP61.6m
compared to GBP60.0m for the comparable period to end December 2011
and GBP121.1m for the year to 30 June 2012. There has been a
significant advance in Operating EBITDA to GBP5.1m for the period
against GBP1.0m for the same period in 2011 and GBP3.3m in the six
months to June 2012. Importantly, this level of EBITDA for the six
months ended 31 December 2012 exceeds the estimate of GBP4.9m that
the Company announced in its Trading Update on 29 January 2013.
After depreciation of GBP4.0m and the final provision of GBP1.6m
against indebtedness due to Business Exchange by MWB Group, there
has been a substantial improvement in pre-tax losses, down from
GBP2.0m for the six months to December 2011 to GBP0.6m for the six
months under review. This compares even more favourably to the
results for the full year to 30 June 2012 where a pre-tax loss of
GBP14.8m arose. This translates into a loss per share of 2.4p after
tax against a loss per share of 9.6p for the full year to 30 June
2012 and a loss per share of 2.9p for the comparative period to 31
December 2011.
Business Enhancement
As we stated in our January 2013 Trading Update, we are also
benefiting from the key management initiatives that have
contributed to Business Exchange's positive momentum over the past
year.
The impact of these initiatives can be seen from our improved
rate performance. Occupancy at the period end was virtually
unchanged at 83% enabling positive yield management to be
undertaken, while annualised revenue per available workstation
(REVPAW) rose by 7% to GBP7,447 at 31 December 2012 compared to 31
December 2011, while annualised revenue per occupied workstation
(REVPOW) increased in the year by 5% to GBP8,931 at December 2012,
maintaining the performance we reported in our June 2012
results.
The importance of our London focus cannot be over-emphasised.
The capital has the UK's highest concentration of SME start-ups.
These businesses naturally favour serviced offices as they require
flexible space which is difficult to find in traditional office
accommodation. Serviced offices suit SMEs well as they take on no
long-term commitment, but at the same time they can easily increase
the number of workstations they need as their business grows,
without having to relocate.
Our clients operate in an extremely wide and diverse range of
business sectors, ensuring that we are not dependent on either a
narrow sector focus or on a small number of large clients. In fact,
almost two-thirds of Business Exchange's total clients occupy fewer
than five workstations and fewer than 8% occupy 20 workstations or
more.
London continues to be attractive to overseas companies and
investors. The flexibility of serviced offices, combined with our
centres being in prime locations, enables these businesses to
establish themselves quickly, efficiently and economically.
One of our key priorities over the past 12 months has been to
continue to enhance our service offering to both new and existing
clients. The success of this can best be seen in our rate
improvement as referred to above. In addition to our day-to-day
services, we have also introduced our "Signature Offices" which
enable clients to create their own space within a centre,
reflecting their individual corporate identities and their desire
to design offices that are unique to them. Signature Offices have
been well received by our clients and their sales are gaining
momentum.
It is also worth noting that whilst our average initial contract
length is eight months, our clients stay on average for over 27
months, more than 70% renew their contracts and we secured
increases at an average of 6% per annum on renewals during this six
month period. These high renewal levels reflect strong client
satisfaction with the quality of service they receive from Business
Exchange, and underpin the longevity of our income into future
years.
The six months to the end of December 2012 saw less favourable
trading conditions than had been the case during the earlier part
of the year. In addition to the uncertain economic outlook, this
period included the Olympics and Paralympics from the end of July
to the early part of September. Whilst there was obvious focus on
these major events, it resulted in a slight dampening of demand for
our Meeting Venues. Nevertheless, the underlying performance of
this division was particularly buoyant over the period and has
continued into the start of 2013 where we are already ahead of
budget.
Proposed Capital Reconstruction
Subject to approval by shareholders at the 2013 AGM, and
sanction of the High Court, the Company intends to cancel the
amount standing to the credit of its Share Premium Account, and to
establish a new reserve which under agreed circumstances could be
transferred to the Profit and Loss Account Reserve. This is
expected by the Board to enable the payment of dividends by the
Company in future periods. The Board anticipates commencing this as
soon as approval has been obtained from shareholders at the 2013
Annual General Meeting so that it could become effective by Summer
2013.
Cash offers for Business Exchange by Regus plc and Pyrrho
Investments Limited
MWB Group Holdings Plc ('Holdings'), Business Exchange's
majority shareholder, has been in administration since November
2012 and its Joint Administrators have been engaged in selling the
75.2% shareholding in Business Exchange indirectly owned by
Holdings through its wholly owned subsidiary MWB Property Limited.
Shareholders should be aware that on 21 December 2012 Regus Plc
announced the terms of a cash offer for Business Exchange, valuing
the entire issued share capital of Business Exchange at GBP40m. As
a consequence of Regus's offer for Business Exchange, the Joint
Administrators marketed Holdings' indirect shareholding in Business
Exchange to other potential purchasers for a period of eight weeks
which started on 21 December 2012 and ended on 14 February
2013.
During this period, potential purchasers had the opportunity to
make a higher offer for the 75.2% interest in Business Exchange
held by the Joint Administrators. On 14 February 2013, Pyrrho
Investments Limited ('Pyrrho') made a cash offer for the entire
issued share capital of Business Exchange not already owned by
Pyrrho or its associates. This offer was announced on 15 February
2013, at which date Pyrrho held 16.7% of the issued share capital
of Business Exchange. Under the terms of the Pyrrho offer, Business
Exchange shareholders would receive 100p per share in the capital
of Business Exchange and the Pyrrho offer valued the entire issued
share capital of Business Exchange at approximately GBP65.0
million.
As noted in Pyrrho's announcement on 15 February 2013, pursuant
to the irrevocable undertaking given previously to Regus in
connection with the offer by Regus, the Joint Administrators of
Holdings had irrevocably undertaken to Regus that if: (i) there was
a Higher Offer for Holdings' shareholding in Business Exchange
during the period from 21 December 2012 to 14 February 2013; and
(ii) Regus did not make a revised offer satisfying certain
conditions prior to 00.01 (London-time) on the fourth Business Day
following the expiry of that period and which was at least
GBP500,000 higher than the amount payable to Holdings under the
highest offer made, Holdings would accept that highest offer in
respect of its entire legal and beneficial holding in Business
Exchange.
On 15 February 2013, the Board received confirmation that
Pyrrho's offer qualified as a 'Higher Offer' under the terms of the
irrevocable undertaking referred to above and, as a result, Regus
had the right, but not the obligation, to make a Revised Regus
Offer prior to 00.01 (London-time) on 20 February 2013.
On 19 February 2013, Regus announced a revised offer to acquire
the entire issued share capital of Business Exchange. Under the
terms of this revised offer, Business Exchange shareholders will
receive 101.0233p per share in the capital of Business Exchange,
which values the entire issued share capital of Business Exchange
at approximately GBP65.625m. In accordance with the irrevocable
undertaking entered into between Regus and the Joint Administrators
referred to above, the 75.2% interest in Business Exchange marketed
by the Joint Administrators is therefore due to be acquired by
Regus under its revised offer. The Board proposes to update
Business Exchange shareholders further in a shareholder circular to
be published by 5 March 2013. The Board is aware there has been a
significant amount of corporate activity for shareholders
surrounding these various cash offers for the Company, and is
pleased that Business Exchange shareholders accepting the revised
Regus offer will now receive 64% more for their Business Exchange
Shares than would have been the case under the original offer
announced by Regus on 21 December 2012.
Outlook
The Board is pleased that the positive momentum recorded in the
earlier part of 2012 has continued throughout the remainder of the
year and into 2013. Demand for our serviced office product
continues to grow as we make further improvements to the quality of
both our centres and our people, who are fully aware that Business
Exchange is in the hospitality sector where service levels are of
paramount importance.
Our prospects for the coming year are extremely positive and our
prime position as London's leading provider of serviced office
space will stand us in good stead over the next 12 months. With our
rolling refurbishment programme and controlled expansion of the
portfolio, we look forward to the coming year with confidence and
optimism.
John Spencer
Chief Executive
20 February 2013
KEY FINANCIAL HIGHLIGHTS
The key performance indicators for the business, its trading
performance and other selected information for the six months ended
31 December 2012 and the year ended 30 June 2012, are summarised
below:-
6 months ended Year ended
31 December 30 June 2012
2012
Operating statistics
Revenue GBP'000 61,550 121,080
Occupancy at period end (ALPHA>) % 83 83
Annualised revenue per available
workstation (REVPAW) at period end
(ALPHA>) GBP 7,447 7,530
Annualised revenue per occupied
workstation (REVPOW) at period end
(ALPHA>) GBP 8,931 9,029
Operating EBITDA (BETA>) GBP'000 5,097 4,304
Leased centres at period end Number 47 47
Operating and Management Agreement
centres at period end Number 7 7
Management contract centres at period
end Number 10 10
6 months ended Year ended
31 December 30 June 2012
2012
Financial performance
Exceptional items provided for in
financial statements GBP'000 (3,135) (15,165)
Loss before tax GBP'000 (646) (14,854)
Loss after tax GBP'000 (1,527) (6,389)
Basic loss per share Pence (2.4) (9.6)
At At
31 December 30 June 2012
2012
Other selected information
Property, plant and equipment GBP'000 35,300 37,951
Net cash GBP'000 850 1,082
Net assets GBP'000 4,376 5,923
(ALPHA>) Leased centres only.
(BETA>) As defined in note 1 to the financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 December 2012
6 months ended Year ended
31 December 30 June 2012
2012
Notes GBP'000 GBP'000
--------------------------------------- ------ --------------- --------------
Revenue 1 61,550 121,080
Cost of sales (58,143) (119,838)
--------------------------------------- ------ --------------- --------------
Gross profit 3,407 1,242
Other operating income 1 - 2,000
--------------------------------------- ------ --------------- --------------
Administrative expenses - other (768) (2,830)
Administrative expenses - exceptional
items 2 (3,135) (15,165)
--------------------------------------- ------ --------------- --------------
Administrative expenses (3,903) (17,995)
--------------------------------------- ------ --------------- --------------
Loss from operating activities (496) (14,753)
Finance income 9 33
Finance expense (159) (134)
--------------------------------------- ------ --------------- --------------
Loss before taxation (646) (14,854)
Taxation 3 (881) 8,465
--------------------------------------- ------ --------------- --------------
Loss and total comprehensive income
for the period (1,527) (6,389)
======================================= ====== =============== ==============
Attributable to:
Owners of the parent company (1,567) (6,248)
Non-controlling interests 40 (141)
--------------------------------------- ------ --------------- --------------
(1,527) (6,389)
======================================= ====== =============== ==============
Basic and diluted loss per share 4 (2.4p) (9.6p)
======================================= ====== =============== ==============
All amounts relate to continuing operations.
The notes below form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2012
31 December 30 June
2012 2012
Notes GBP'000 GBP'000
---------------------------------------- ------ ------------ ---------
Non-current assets
Intangible asset - goodwill 7,587 7,587
Property, plant and equipment 5 35,300 37,951
Deferred tax asset 8 7,584 8,465
Other receivables 940 940
---------------------------------------- ------ ------------ ---------
51,411 54,943
---------------------------------------- ------ ------------ ---------
Current assets
Trade and other receivables 22,712 19,946
Cash and cash equivalents 6 850 3,360
---------------------------------------- ------ ------------ ---------
23,562 23,306
---------------------------------------- ------ ------------ ---------
Total assets 74,973 78,249
---------------------------------------- ------ ------------ ---------
Current liabilities
Overdraft - cheques in transit 6 - (2,278)
Trade and other payables 7 (47,320) (46,317)
---------------------------------------- ------ ------------ ---------
(47,320) (48,595)
---------------------------------------- ------ ------------ ---------
Non-current liabilities
Other payables and accruals 7 (18,120) (18,861)
Provisions (5,157) (4,870)
---------------------------------------- ------ ------------ ---------
(23,277) (23,731)
---------------------------------------- ------ ------------ ---------
Total liabilities (70,597) (72,326)
---------------------------------------- ------ ------------ ---------
Net assets 4,376 5,923
======================================== ====== ============ =========
Equity
Share capital 65 65
Share premium account 35,459 35,459
Capital redemption reserve 4 4
Merger reserve 38,831 38,831
Retained earnings (69,983) (65,726)
---------------------------------------- ------ ------------ ---------
Total equity attributable to owners of
the parent company 4,376 8,633
Non-controlling interests - (2,710)
---------------------------------------- ------ ------------ ---------
Total equity 4,376 5,923
======================================== ====== ============ =========
The notes below form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2012
Capital Non-
redemp-tion control-ling
Share Share reserve Merger Retained interests Total
capital premium reserve earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ---------- ---------- ------------- ---------- ----------- -------- -------------- ---------
At 30 June
2011 65 35,459 4 38,831 (59,478) 14,881 (2,569) 12,312
Total
comprehensive
income for
the year - - - - (6,248) (6,248) (141) (6,389)
----------------- ---------- ---------- ------------- ---------- ----------- -------- -------------- ---------
At 30 June
2012 65 35,459 4 38,831 (65,726) 8,633 (2,710) 5,923
Total
comprehensive
income for
the period - - - - (1,567) (1,567) 40 (1,527)
Acquisition
of
non-controlling
interest in
subsidiary - - - - (2,690) (2,690) 2,670 (20)
----------------- ---------- ---------- ------------- ---------- ----------- -------- -------------- ---------
At 31 December
2012 65 35,459 4 38,831 (69,983) 4,376 - 4,376
================= ========== ========== ============= ========== =========== ======== ============== =========
The notes below form part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 December 2012
--------------------------------------------------------------------------------------
6 months ended Year ended
31 December 30 June 2012
Notes 2012 GBP'000
GBP'000
------------------------------------------- -------- --------------- --------------
Loss for the period (1,527) (6,389)
Adjustments
Taxation 3 881 (8,465)
Exceptional items 2 1,552 11,998
Finance income (9) (33)
Finance expense 159 134
Depreciation of property, plant and
equipment 3,534 6,330
(Profit) / Loss on disposal of fixed
assets (2) 48
Cash flows from operations before
changes in working capital 4,588 3,623
Change in trade and other receivables (2,764) (1,114)
Change in trade and other payables 183 4,932
Change in provisions (786) 312
Cash settled share-based obligations
paid - (2,400)
------------------------------------------- -------- --------------- --------------
Cash generated from operations 1,221 5,353
Interest paid (82) (134)
------------------------------------------- -------- --------------- --------------
Net cash inflow from operating activities 1,139 5,219
------------------------------------------- -------- --------------- --------------
Cash flows from investing activities
Interest received 9 36
Purchase of property, plant and equipment 5 (1,371) (2,591)
Proceeds from disposal of fixed assets 11 283
------------------------------------------- -------- --------------- --------------
Net cash used in investing activities (1,351) (2,272)
------------------------------------------- -------- --------------- --------------
Cash flows from financing activities
Acquisition of non-controlling interest (20) -
in subsidiary
Net cash used in financing activities (20) -
------------------------------------------- -------- --------------- --------------
Net (decrease) / increase in cash
and cash equivalents (232) 2,947
Opening cash and cash equivalents 1,082 (1,865)
------------------------------------------- -------- --------------- --------------
Closing cash and cash equivalents 6 850 1,082
=========================================== ======== =============== ==============
The notes below form part of these financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ACCOUNTING POLICIES
Basis of preparation
MWB Business Exchange Plc (the 'Company') is a company domiciled
in the United Kingdom. On 11 December 2012, the Company announced
its intention to change its accounting reference date back to 31
December from 30 June. Accordingly the audited financial statements
of the Group cover the six months ended 31 December 2012 whilst the
comparative figures cover the year ended 30 June 2012.
The consolidated financial statements of the Company as at, and
for the six months ended, 31 December 2012 comprise the financial
statements of the Company and its subsidiaries (together the
'Group'). The Group is primarily involved in the provision of
flexible serviced office space.
Consistent with previous years, the Group financial statements
have been prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the EU.
The results have been prepared on the basis of the accounting
policies adopted in the Group's financial statements for the year
ended 30 June 2012.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control
exists when the Group has the power, directly or indirectly, to
govern the financial and operating policies of an entity so as to
obtain benefits from its activities. In assessing control,
potential voting rights that are currently exercisable or
convertible are taken into account.
The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control
commences until the date that control ceases. Where necessary,
accounting policies of subsidiaries are changed on acquisition to
align them with the policies adopted by the Group.
Intra-group balances and transactions and any unrealised income
and expenses arising from intra-group transactions are eliminated
in preparing the consolidated financial statements. Operations
conducted by Group subsidiaries on an agency basis for third
parties are excluded from the consolidation, both as regards the
Statement of Comprehensive Income and the Statement of Financial
Position.
Use of estimates and judgements
The preparation of financial statements requires management to
make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in
any future periods affected.
In particular, information about significant areas of
estimation, uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the
amount recognised in the financial statements are described in the
following notes:-
Note 5 measurement of impairment of property, plant and equipment
Note 8 recognition of deferred tax asset
1 SEGMENT REPORTING
Segmental information is presented in respect of the Group's
businesses. The primary format is based on the Group's internal
reporting structure.
The Group comprises the following main business segments:
Leased Centres: four and five star serviced office accommodation
under the Business Exchange brand and three star serviced office
accommodation under the MWB Essential brand.
Other Centres: those run under Operating and Management
Agreements (OMAs) within Group-owned special purpose vehicles. For
these centres the Group-owned company acts as principal and there
is a profit sharing arrangement with the landlord.
The income from non-consolidated centres run as Agencies or
under Management Agreements, i.e. those for which the Group earns a
fee by acting as agent for the landlord, is included under Leased
Centres, as reported internally.
Segment results include items directly attributable to a segment
as well as those that can be allocated on a reasonable basis.
Inter-segment pricing is determined on an arm's length basis. The
Group does not report internally segmental Statement of Financial
Position information.
Leased Centres Other
6 months ended 31 December 2012 Centres Consolidated
GBP'000 GBP'000 GBP'000
Serviced office revenue 50,946 5,029 55,975
Meeting and training room revenue 4,666 518 5,184
Managed centres revenue 391 - 391
Revenue per Statement of Comprehensive
Income 56,003 5,547 61,550
Property costs (28,409) (3,738) (32,147)
Site employment costs (10,574) (438) (11,012)
Site overheads (5,734) (532) (6,266)
Variable costs of sales (5,105) (613) (5,718)
Marketing and other central costs (1,226) (84) (1,310)
Total operating expense (51,048) (5,405) (56,453)
Segment operating EBITDA (ALPHA>) 4,955 142 5,097
Provision against balances with
subsidiaries of MWB Group Holdings
Plc (note 2) (1,583) - (1,583)
Depreciation and amortisation (ALPHA>) (3,864) (146) (4,010)
Results from operating activities (492) (4) (496)
Net finance expense (149) (1) (150)
Loss before tax (641) (5) (646)
Taxation (881) - (881)
Loss for the period (1,522) (5) (1,527)
Leased centres at period end 47 - 47
OMAs at period end 1 6 7
Managed centres at period end 10 - 10
Leased Other
Year ended 30 June 2012 Centres Centres Consolidated
GBP'000 GBP'000 GBP'000
Serviced office revenue 99,112 10,475 109,587
Meeting and training room revenue 9,586 1,092 10,678
Managed centres revenue 815 - 815
Revenue per Statement of Comprehensive
Income 109,513 11,567 121,080
Other operating income 2,000 - 2,000
Total revenue and other income 111,513 11,567 123,080
Property costs (60,208) (7,532) (67,740)
Site employment costs (19,784) (1,132) (20,916)
Site overheads (13,503) (1,366) (14,869)
Variable costs of sales (9,367) (1,163) (10,530)
Marketing and other central costs (4,660) (61) (4,721)
Total operating expense (107,522) (11,254) (118,776)
Segment operating EBITDA (ALPHA>) 3,991 313 4,304
Provision against balances with
subsidiaries of MWB Group Holdings
Plc (note 2) (11,479) - (11,479)
Depreciation and amortisation (ALPHA>) (7,287) (291) (7,578)
Results from operating activities (14,775) 22 (14,753)
Net finance expense (94) (7) (101)
Loss before tax (14,869) 15 (14,854)
Taxation 8,465 - 8,465
Loss for the year (6,404) 15 (6,389)
Leased centres at year end 47 - 47
OMAs at year end 1 6 7
Managed centres at year end 10 - 10
The 'other operating income' shown above represents the premium
received on the surrender, at the landlord's request, of the lease
of the business centre at Lasenby House in March 2012. As a
consequence of this lease termination, fixed assets with a net book
value of GBP163,000 were written off.
All impairments in both the current period and the previous year
relate to the Leased Centres segment.
(ALPHA>) = Operating EBITDA is defined as earnings before
interest, tax, depreciation, amortisation and accelerated
depreciation on impairment of fixed assets. Profits or losses on
the disposal of fixed assets are excluded and are shown above as
part of 'depreciation and amortisation'. Provisions against
balances receivable from the Group's ultimate parent company are
shown below Operating EBITDA.
All operations are carried out in Great Britain.
2 EXCEPTIONAL ITEMS
6 months ended Year ended
31 December 2012 30 June 2012
GBP'000 GBP'000
The exceptional items comprise:-
Provision against amounts due from subsidiaries
of MWB Group Holdings Plc - 8,312
Provision against part-paid asset due
from subsidiaries of MWB Group Holdings
Plc 1,583 3,167
Impairment of fixed assets (see note
5) 479 1,200
Provision for onerous leases 1,073 2,486
Total charge 3,135 15,165
As a result of the announcement issued by the board of Holdings
on 16 November 2012, when administrators were appointed over the
assets of Holdings, and subsequent events, a provision was
established against an asset the Group was purchasing from Holdings
by monthly payments, which at 30 June 2012 totalled GBP3,167,000.
Two further payments totalling GBP1,583,000 had been made before
the appointment of administrators by Holdings and these have been
fully provided at 31 December 2012. In accordance with the revised
cash offer for the Company, announced by Regus Plc on 19 February
2013, the Joint Administrators of Holdings have waived, from
completion of that offer, any claims either to the unpaid element
to any other sums potentially payable by the Business Exchange
Group to the rest of the Holdings group.
At 30 June 2012 a review was performed of all leases held by the
Group. Provisions were established against those business centres
likely not to be profitable through to the end of their leases. The
relevant fixed assets for those same business centres were fully
impaired. A similar review at 31 December 2012 led to further
impairments and onerous leases provisions.
3 TAXATION
The taxation (charge) / credit for the period in the Statement
of Comprehensive Income arose as follows:-
6 months ended Year ended
31 December 2012 30 June 2012
GBP'000 GBP'000
Current taxation
UK corporation tax
Arising on loss for the period - -
Deferred taxation (charge) / credit
Deferred tax charge arising from reduction (330) -
in corporation tax rates
Deferred tax credit arising on accelerated
capital allowances 367 2,851
Deferred tax charge arising from utilisation
of trading losses (918) 5,614
Total corporation tax (charge) / credit
for the period (881) 8,465
No tax was recognised directly in equity during the six months
ended 31 December 2012 or the year ended 30 June 2012.
4 LOSS PER SHARE
The earnings per share figures are calculated by dividing the
loss attributable to equity shareholders of the Company for the
period by the weighted average number of ordinary shares in issue
during the period, as follows:-
6 months ended Year ended
31 December 2012 30 June 2012
GBP'000 GBP'000
Loss attributable to equity shareholders
of the Company (1,567) (6,248)
Number Number
'000 '000
Weighted average number of ordinary shares
- basic and diluted 64,960 64,960
Loss and diluted loss per share (2.4p) (9.6p)
5 PROPERTY, PLANT AND EQUIPMENT
Operating Plant, machinery,
leasehold fixtures &
6 months to 31 December 2012 improvements equipment Total
GBP'000 GBP'000 GBP'000
Cost
At 1 July 2012 52,024 16,196 68,220
Additions 1,015 356 1,371
Retirements (30) (368) (398)
Disposals (5) (12) (17)
At 31 December 2012 53,004 16,172 69,176
Depreciation
At 1 July 2012 (21,629) (8,640) (30,269)
Charge for the period (2,360) (1,174) (3,534)
Impairment (414) (65) (479)
Retirements 30 368 398
Disposals 2 6 8
At 31 December 2012 (24,371) (9,505) (33,876)
Net book value
At 31 December 2012 28,633 6,667 35,300
The impairment charge relates to the fixed assets of certain
business centres (cash-generating units) which have been
ascertained as likely not to be profitable through to the end of
their respective leases. These assets have therefore been written
down to their expected value in use. The variables used in this
review have been assessed on a centre-by-centre basis.
6 CASH AND CASH EQUIVALENTS
31 December 30 June
2012 2012
GBP'000 GBP'000
Cash and current accounts at bank 845 247
Short-term fixed rate deposits at bank 5 3,113
Cash and cash equivalents 850 3,360
Less overdraft - cheques in transit - (2,278)
Cash and cash equivalents per Statement of
Cash Flows 850 1,082
The 'overdraft' represents cheques in transit at the reporting
date which were covered by incoming funds by the date they cleared
the bank. At no point either side of the reporting date was any
bank account actually overdrawn.
7 TRADE AND OTHER PAYABLES
31 December 30 June
2012 2012
GBP'000 GBP'000
Current liabilities
Trade payables 1,927 1,277
Client deposits 15,427 15,661
Operating lease incentives 1,712 1,647
Accruals 16,513 15,968
PAYE, NIC and VAT 2,152 2,291
Deferred income 9,589 9,473
47,320 46,317
Non-current liabilities
Operating lease incentives 18,120 18,861
Operating lease incentives represent the deferral of incentives
received and receivable on property leases, calculated so that the
annual rent charge is constant throughout the entire lease
period.
8 DEFERRED TAXATION
The deferred taxation assets at 31 December 2012 and the
previous year end arose as follows:-
31 December 2012
Total Provided Not provided
GBP'000 GBP'000 GBP'000
Accelerated capital allowances 3,084 3,084 -
Trading tax losses 5,201 4,500 701
Other tax losses 291 - 291
8,576 7,584 992
30 June 2012
Total Provided Not provided
GBP'000 GBP'000 GBP'000
Accelerated capital allowances 2,851 2,851 -
Trading tax losses 6,940 5,614 1,326
Other tax losses 309 - 309
10,100 8,465 1,635
Deferred tax assets and liabilities provided
The future utilisation of deferred tax assets has been based on
the Board-approved budgets to 31 December 2013 and extrapolations
thereafter. At 31 December 2012, the Group had accelerated capital
allowances and trading tax losses from current and prior periods
amounting to GBP33.0 million (30 June 2012: GBP35.3 million) that
are expected to be available to reduce future corporation tax
liabilities likely to arise in the Group. This amount has been
recognised at 23% (30 June 2012: 24%) in the deferred tax asset of
GBP7.6 million at the period end (30 June 2012: GBP8.5
million).
Deferred tax assets and liabilities not provided
In addition the Group has trading and other tax losses totalling
GBP4.3 million (30 June 2012: GBP6.8 million) that are not expected
to be capable of utilisation because they arise in parts of the
Group that are not expected to be profit making in the foreseeable
future. These are reflected at the prevailing tax rate of 23% (30
June 2012: 24%) in the figure of GBP1.0 million (30 June 2012:
GBP1.6 million) disclosed above.
9 POST-BALANCE SHEET EVENTS
(i) As set out in the Company's circular to Business Exchange
Shareholders published on 31 January 2013, on 29 January 2013 the
Company received a letter from solicitors acting for Pyrrho
Investments Limited ('Pyrrho'). In the letter, Pyrrho threatened to
issue a petition under section 994 of the Companies Act 2006
alleging unfair prejudice. Pyrrho issued a petition on 11 February
2013, and served that petition on the Company on 13 February 2013.
The parties to the proceedings have been instructed by the Court to
attend a directions hearing on 13 May 2013.
The allegations made by Pyrrho relate to loans made by the
Company to various subsidiaries of MWB Group Holdings Plc (in
administration) ('Holdings') between 2009 and 2012 (of which
approximately GBP8.3 million remains outstanding from those
subsidiaries to the Company at the date of approval of these
financial statements) and the arrangements between Business
Exchange and Holdings relating to the purchase of an asset as
referred to in note 2. Pyrrho asserts that these loans and
arrangements were not made in the interests of the Company, and
infers that they were made with a view to preferring the interests
of Holdings to those of the Company. Pyrrho alleges that the
current and/or former directors of the Company who caused or
allowed these loans and arrangements to be entered into, breached
their duties as Directors of the Company and that its interest was
unfairly prejudiced as a result of these loans and
arrangements.
A number of possible orders may be sought in section 994
proceedings and the court is empowered to make such an order as it
thinks fit for giving relief in respect of the matters complained
of, as set out in section 996 of the Companies Act 2006. Section
996 sets out the following examples of the orders that may be
given:
(a) an order to regulate the conduct of the Company's affairs in the future;
(b) an order to require the Company:
(i) to refrain from doing or continuing an act complained of; or
(ii) to do an act that the petitioner has complained it had omitted to do;
(c) an order to authorise civil proceedings to be brought in the
name and on behalf of the Company by such person or persons and on
such terms as the court may direct;
(d) an order to require the Company not to make any, or any
specified, alterations in its articles of association without the
leave of the court; and/or
(e) an order to provide for the purchase of the shares of any
member of the Company by other members or by the Company itself
and, in the case of a purchase by the Company itself, the reduction
of the Company's capital accordingly.
The petition issued by Pyrrho on 11 February 2013 seeks:
(a) an order that Holdings purchase Pyrrho's Shares at a fair
value to be determined; alternatively
(b) an order requiring a payment to be made by Holdings to
compensate Pyrrho (on two alternative bases of calculation) for the
alleged diminution in the value of Pyrrho's Business Exchange
Shares; further or alternatively
(c) an order that Pyrrho be authorised to bring proceedings on
behalf of the Company against the former and/or current directors
of the Company responsible for the conduct complained of; and
(d) unspecified further or other relief.
Due to the inherent uncertainty of this matter and the dispute
resolution process, there can be no assurance as to the outcome of
the proceedings being brought by Pyrrho. However, on the basis of
the information currently available, having taken appropriate
advice and recognising that this is a recent development, the
Directors do not currently believe that these proceedings, as they
are currently framed, will have a material adverse effect on the
Company's financial condition.
(ii) No amounts have been accrued in these financial statements
regarding the LTIS. In light of a non-adjusting event subsequent to
the reporting date (namely the revised offer received from Regus
Plc, see above), the Board anticipates that second stage LTIS
payments will fall due and be settled during the year ending 31
December 2013.
10. PRELIMINARY ANNOUNCEMENT AND FINANCIAL STATEMENTS
The financial information set out in this preliminary
announcement of results in relation to MWB Business Exchange Plc
includes information for the six months ended 31 December 2012,
with comparative information for year ended 30 June 2012. The
financial information above does not constitute the Company's
financial statements for the period ended 31 December 2012 or for
the year ended 30 June 2012. The report and financial statements
for the year ended 30 June 2012 has been filed with the Registrar
of Companies. The independent auditors' report on the report and
financial statements for the year ended 30 June 2012 was
unqualified; it did not draw attention to any matters by way of
emphasis, and did not contain a statement under Section 498(2) or
498(3) of the Companies Act 2006. An electronic copy of this
preliminary announcement of results for the six months ended 31
December 2012 has been made available on the Company's website at
http://www.mwbex.com/more/investor-relations/publications from the
date of its announcement on 20 February 2013. The audited financial
statements of the Company for the year ended 30 June 2012 and
further copies of this preliminary announcement of results are
available from the Company Secretary, City Group P.L.C., at the
Company's registered office of 1 West Garden Place, Kendal Street,
London W2 2AQ.
Statement of directors' responsibilities in respect of the
REPORT and FINANCIAL STATEMENTS
The Directors are responsible for preparing the Report of the
Directors and the group and parent company financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare group and parent
company financial statements for each financial year. As required
by the AIM Rules of the London Stock Exchange they are required to
prepare the group financial statements in accordance with IFRSs as
adopted by the EU and applicable law and have elected to prepare
the parent company financial statements in accordance with UK
Accounting Standards and applicable law (UK Generally Accepted
Accounting Practice).
Under company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the group and parent company and of
their profit or loss for that period. In preparing each of the
group and parent company financial statements, the Directors are
required to:
-- select suitable accounting policies and then apply them
consistently;
-- make judgments and estimates that are reasonable and
prudent;
-- for the group financial statements, state whether they have
been prepared in accordance with IFRSs as adopted by the EU;
-- for the parent company financial statements, state whether
applicable UK Accounting Standards have been followed, subject to
any material departures disclosed and explained in the financial
statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the group and the parent
company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the parent
company's transactions and disclose with reasonable accuracy at any
time the financial position of the parent company and enable them
to ensure that its financial statements comply with the Companies
Act 2006. They have general responsibility for taking such steps as
are reasonably open to them to safeguard the assets of the group
and to prevent and detect fraud and other irregularities.
The Directors are responsible for ensuring the annual report and
the financial statements are made available on a website. Financial
statements are published on the company's website in accordance
with legislation in the United Kingdom governing the preparation
and dissemination of financial statements, which may vary from
legislation in other jurisdictions. The maintenance and integrity
of the company's website is the responsibility of the Directors.
The Directors' responsibility also extends to the ongoing integrity
of the financial statements contained therein.
We, the Directors of the Company, confirm that to the best of
our knowledge:-
-- the financial statements of the Group have been prepared in
accordance with IFRSs as adopted by the EU, and for the Company
under UK GAAP, in accordance with applicable United Kingdom law and
give a true and fair view of the assets, liabilities, financial
position and profit of the Group; and
-- the Report of the Directors includes a fair review of the
development and performance of the business and the position of the
Group, together with a description of the principal risks and
uncertainties that face the Group.
By order of the Board
John Spencer Andrew Blurton
Chief Executive Corporate Finance Director
20 February 2013
UNAUDITED PROFORMA CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS 2009 TO 2012
The Group changed its accounting reference date to 30 June
during 2011, when 18 month results were produced, and back to 31
December during 2012, at which date the 6 month results in this
document have been produced.
The change in reporting date to 30 June was occasioned by the
requirements of the Group's previous holding company. However,
these are no longer relevant as that company was placed in
administration in November 2012 and the decision was therefore
taken by the Board to return the reporting date to 31 December in
accordance with the requirements of Business Exchange.
The proforma information below shows the annual results of the
Group derived from its audited period end results and unaudited
half yearly financial reports, so as to present the annual
performance of the Group during the period January 2009 to December
2012. The basis of preparation and the accounting policies applied
in the preparation of the proforma information is consistent with
those policies applied in the preparation of the audited period end
results and the unaudited half-yearly financial reports, for the
periods then ended (with the 2009 results restated as shown in 2011
comparative figures).
UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS 2009 TO 2012
-----------------------------------------------------------------------------------------
Year ended 31 December
----------------------------------------- ----------------------------------------------
2012 2011 2010 2009
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------- ---------- ---------- ---------- ----------
Revenue 122,688 115,744 109,403 112,416
Other operating income 2,000 - - -
Cost of sales excluding depreciation
(ALPHA>) (111,303) (111,919) (106,163) (100,326)
Exceptional item - provision for (3,559) - - -
onerous leases
Administrative expenses (1,473) (3,141) (1,971) (1,078)
----------------------------------------- ---------- ---------- ---------- ----------
EBITDA (BETA>) 8,353 684 1,269 11,012
Depreciation (ALPHA>) arising
in the normal course of business (6,901) (6,264) (6,178) (4,738)
----------------------------------------- ---------- ---------- ---------- ----------
Exceptional item - impairment of
goodwill and fixed assets (1,679) (4,131) - -
Exceptional item - provision against (13,062) - - -
balances with subsidiaries of MWB
Group Holdings Plc
----------------------------------------- ---------- ---------- ---------- ----------
Total post-EBITDA exceptional items (14,741) (4,131) - -
----------------------------------------- ---------- ---------- ---------- ----------
Results from operating activities (13,289) (9,711) (4,909) 6,274
Finance income 29 26 208 297
Finance expense (239) (196) (321) (502)
----------------------------------------- ---------- ---------- ---------- ----------
Profit / (Loss) before taxation (13,499) (9,881) (5,022) 6,069
Taxation 7,584 - (6) (9)
----------------------------------------- ---------- ---------- ---------- ----------
Profit / (Loss) and total comprehensive
income for the year (5,915) (9,881) (5,028) 6,060
========================================= ========== ========== ========== ==========
Attributable to:
Owners of the parent company (5,907) (8,470) (4,871) 7,154
Non-controlling interests (8) (1,411) (157) (1,094)
----------------------------------------- ---------- ---------- ---------- ----------
(5,915) (9,881) (5,028) 6,060
========================================= ========== ========== ========== ==========
Basic and diluted profit / (loss)
per share (9.1p) (13.0p) (7.5p) 10.7p
========================================= ========== ========== ========== ==========
(ALPHA>) 'Depreciation' includes depreciation, amortisation
and profits or losses on the disposal of fixed assets.
(BETA>) Earnings before interest, tax, depreciation and
amortisation, as defined in note 1 to the financial statements.
UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
FOR THE YEARS 2009 TO 2012
--------------------------------------------------------------------------------------------------
At 31 December
-------------------------------------------- ----------------------------------------------------
2012 2011 2010 2009
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------ ------------ --------- -------------
Non-current assets
Intangible asset - goodwill 7,587 7,587 10,412 10,412
Property, plant and equipment 35,300 40,973 46,141 42,088
Deferred tax asset 7,584 - - -
Other receivables 940 978 1,048 2,062
-------------------------------------------- ------------ ------------ --------- -------------
51,411 49,538 57,601 54,562
-------------------------------------------- ------------ ------------ --------- -------------
Current assets
Trade and other receivables 22,712 25,592 22,196 27,956
Cash and cash equivalents 850 4,382 3,812 6,433
-------------------------------------------- ------------ ------------ --------- -------------
23,562 29,974 26,008 34,389
-------------------------------------------- ------------ ------------ --------- -------------
Total assets 74,973 79,512 83,609 88,951
-------------------------------------------- ------------ ------------ --------- -------------
Current liabilities
Trade and other payables (47,320) (47,395) (40,893) (45,497)
-------------------------------------------- ------------ ------------ --------- -------------
(47,320) (47,395) (40,893) (45,947)
-------------------------------------------- ------------ ------------ --------- -------------
Non-current liabilities
Other payables and accruals (18,120) (19,621) (20,512) (17,955)
Provisions (5,157) (2,185) (2,035) -
-------------------------------------------- ------------ ------------ --------- -------------
(23,277) (21,806) (22,547) (17,955)
-------------------------------------------- ------------ ------------ --------- -------------
Total liabilities (70,597) (69,201) (63,440) (63,452)
-------------------------------------------- ------------ ------------ --------- -------------
Net assets 4,376 10,311 20,169 25,499
============================================ ============ ============ ========= =============
Equity
Share capital 65 65 65 66
Share premium account 35,459 35,459 35,459 35,459
Capital redemption reserve 4 4 4 3
Merger reserve 38,831 38,831 38,831 38,831
Retained earnings (69,983) (61,386) (52,939) (47,766)
-------------------------------------------- ------------ ------------ --------- -------------
Total equity attributable to owners
of the parent company 4,376 12,973 21,420 26,593
Non-controlling interests - (2,662) (1,251) (1,094)
-------------------------------------------- ------------ ------------ --------- -------------
Total equity 4,376 10,311 20,169 25,499
============================================ ============ ============ ========= =============
UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS 2009 TO 2012
--------------------------------------------------------------------------------------------------
Year ended 31 December
---------------------------------------- --------------------------------------------------------
2012 2011 2010 2009
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- ----------- ------------- ------------ --------------
Profit / (Loss) for the year (5,915) (9,881) (5,028) 6,060
Adjustments
Taxation (7,584) - 6 9
Exceptional items 13,550 4,131 - -
Finance income (29) (26) (208) (297)
Finance expense 239 196 321 502
Depreciation of property, plant
and equipment 6,748 6,323 6,090 4,716
Loss / (Profit) on disposal
of fixed assets 154 (59) 88 22
Equity settled share-based obligations - 23 155 275
Cash settled share-based obligations - - - 1,100
Cash flows from operations before
changes in working capital 7,163 707 1,424 12,387
Change in trade and other receivables (5,395) (3,322) 6,772 (9,279)
Change in trade and other payables (1,663) 5,618 (1,253) 10,293
Change in provisions 1,899 150 2,035 -
Cash settled share-based obligations
paid (2,400) - (800) -
---------------------------------------- ----------- ------------- ------------ --------------
Cash generated from operations (396) 3,153 8,178 13,401
Corporation tax paid - - (6) (109)
Interest paid (239) (203) (315) (409)
---------------------------------------- ----------- ------------- ------------ --------------
Net cash inflow / (outflow)
from operating activities (635) 2,950 7,857 12,883
---------------------------------------- ----------- ------------- ------------ --------------
Cash flows from investing activities
Interest received 30 23 209 348
Acquisition of subsidiary, net
of cash acquired - - - (2,138)
Purchase of property, plant
and equipment (2,921) (2,692) (10,440) (8,821)
Proceeds from disposal of fixed
assets 14 289 210 24
---------------------------------------- ----------- ------------- ------------ --------------
Net cash used in investing activities (2,877) (2,380) (10,021) (10,587)
---------------------------------------- ----------- ------------- ------------ --------------
Cash flows from financing activities
Acquisition of non-controlling
interest in subsidiary (20) - (150) -
Borrowings repaid - - - (6,971)
Dividends paid - - - (9,846)
Purchase of own shares, inclusive
of costs - - (307) (2,379)
Net cash used in financing activities (20) - (457) (19,196)
---------------------------------------- ----------- ------------- ------------ --------------
Net increase / (decrease) in
cash and cash equivalents (3,532) 570 (2,621) (16,900)
Opening cash and cash equivalents 4,382 3,812 6,433 23,333
---------------------------------------- ----------- ------------- ------------ --------------
Closing cash and cash equivalents 850 4,382 3,812 6,433
======================================== =========== ============= ============ ==============
GROUP BUSINESS CENTRES at 31 December 2012
Contact details for all business centres operated by the
Group:-
Telephone: Freephone 0808 100 1800 Web: www.mwbex.com
Number of
Leased centres Location workstations
43 Temple Row Birmingham B2 5LS 269
Atrium Court, The Ring Bracknell RG12 1BW 422
Lower Castle Street Bristol BS1 3AG 250
Wellington House, East Road Cambridge CB1 1BH 174
9-10 St. Andrew Square Edinburgh EH2 2AF 344
Westpoint, 4 Redheughs Rigg, South
Gyle Edinburgh EH12 9DQ 265
Crossweys, 28-30 High Street Guildford GU1 3EL 164
1 Farnham Road Guildford GU2 4RG 299
Craneshaw House, 8 Douglas Road Hounslow TW3 1DA 153
Vantage House, 21-23 Wellington
Street Leeds LS1 4DE 370
1 Whitehall, Whitehall Road Leeds LS1 4HR 412
Liverpool Street, 55 Old Broad
Street London EC2M 1RX 244
Providian House, 16-18 Monument
Street London EC3R 8AJ 246
107-111 Fleet Street London EC4A 2AB 419
60 Cannon Street London EC4N 6JP 340
Winchester House, 259-269 Old
Marylebone Road London NW1 5RA 361
Alpha House, 100 Borough High
Street London SE1 1LB 260
6 Hays Lane London SE1 2QG 255
10 Greycoat Place London SW1P 1SB 518
14 Basil Street, Knightsbridge London SW3 1AJ 410
Liberty House, 222 Regent Street London W1B 5TR 403
77 Oxford Street London W1D 2ES 312
18 Soho Square London W1D 3QL 294
Cobalt Building, 19-20 Noel Street London W1F 8GW 131
33 Cavendish Square London W1G 0PW 516
Marble Arch Tower, 55 Bryanston
Street London W1H 7AA 305
1 Berkeley Street London W1J 8DJ 411
85 Tottenham Court Road London W1T 4DU 380
83 Baker Street London W1U 6LA 347
One Kingdom Street, Paddington
Central London W2 6BD 307
26-28 Hammersmith Grove London W6 7BA 514
4/4a Bloomsbury Square London WC1A 2RP 163
344-354 Gray's Inn Road London WC1X 8BP 291
88 Kingsway London WC2B 6AA 338
Amadeus House, Floral Street London WC2E 9DP 273
25 Floral Street London WC2E 9DS 284
53-59 Chandos Place London WC2N 4HS 212
Golden Cross House, 8 Duncannon
Street London WC2N 4JF 506
12,162
Number of
Leased centres (continued) Location Workstations
Siena Court, The Broadway Maidenhead SL6 1NJ 191
Trident One, Styal Road Manchester M22 5XB 300
Exchange House, 494 Midsummer
Boulevard Milton Keynes MK9 2EA 239
15 Wheeler Gate Nottingham NG1 2NA 122
John Eccles House, Robert Robinson
Avenue,
Oxford Science Park Oxford OX4 4GP 112
Atlantic House, Imperial Way Reading RG2 0TD 366
Parkshot House, 5 Kew Road Richmond TW9 2PR 456
Staines-upon-Thames TW18
Centurion House, London Road 4AX 217
Regal House, 70 London Road Twickenham TW1 3QS 127
47 leased centres at 31 December
2012 14,292
Number of
Operating and Management Agreement Location Workstations
centres
Level 33, 25 Canada Square, Canary
Wharf London E14 5LB 226
27 Austin Friars London EC2N 2QP 124
133 Houndsditch London EC3A 7AH 350
St. Clement's House, 27/28 Clement's
Lane London EC4N 7AE 418
Westgate House, Westgate Road London W5 1YY 179
Pall Mall Court, King Street Manchester M2 4PD 237
Elizabeth House, Duke Street Woking GU21 5AM 61
7 Operating and Management Agreement
centres at 31 December 2012 1,595
Number of
Management contract centres Location Workstations
Tower Point, 44 North Road Brighton BN1 1YR 350
Imperial House, Hornby Street Bury BL9 5BN 407
Europa House, Barcroft Street Bury BL9 5BT 263
Minerva House, Hornby Street Bury BL9 5BW 70
Copthall Bridge House, Station
Bridge Harrogate HG1 1SP 177
Silk House Court, Tithebarn Street Liverpool L2 2LZ 114
1 Sekforde Street, Clerkenwell London EC1R 0BE 256
London Wall City Business Centre
2 London Wall Buildings London EC2M 5UU 156
52 Grosvenor Gardens London SW1W 0AU 242
Cuthbert House, City Road, All Newcastle-upon-Tyne NE1
Saints 2ET 192
10 management contract centres
at 31 December 2012 2,227
Total
64 centres at 31 December 2012 18,114
This information is provided by RNS
The company news service from the London Stock Exchange
END
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