NewFlex, part of the Newable office group, has acquired London-based space-as-a-service start-up, Bold.
Bold offers asset owners a creative and boutique flexible office space brand designed to attract entrepreneurs and innovators, with spaces characterised by daring and impactful interior design.
Founded in 2016 by former MeetingRooms.com CEO Caleb Parker, and ex-TransferGo marketing director, Magnus Olby, Bold operates a revenue-sharing commercial model that enables the asset owner to benefit directly from the flexspace as it grows in popularity. Leveraging this model and backed by NewFlex, Bold aims to open 25+ locations in the UK over the next 36 months.
Bold-branded flexible workspaces come as a complete turnkey package that includes design-and-build, hospitality, events and wellbeing, sales and marketing and the Bold tech platform.
NewFlex delivers and manages a range of branded flexible office solutions for every type of location and occupier. All workspace solutions benefit from the common NewFlex platform, from demand generation, to building management and compliance through to account reporting, yield optimisation and planning.
By adding Bold to its portfolio, Newable will be able to offer bespoke workplace solutions. As with other Newable workplaces, Bold will be offered to asset owners through franchise and contract agreements.
The acquisition of Bold is the latest in a string of deals signed by NewFlex, at a time when leading property consultancy JLL predicts that 10m sq ft of flexible workspace will be added to the UK market over the next five years.
Caleb Parker, co-founder of Bold, comments: “We are excited to join NewFlex for the next stage of our growth journey. The traditional lease model is being disrupted by flexible workspace operators who are taking margins from landlords. Bold’s aim is to protect the value of real estate assets and create flexible workspaces that entrepreneurial people love.”
Bold is a new concept which has been piloted in London but has yet to put down its first permanent site. Parker added: “The one location was a pilot space in Shoreditch to test the MVP tech stack that was developed as well as test the interior design and user experience. We completed six months of testing with 140 members before closing it. Now with the backing of NewFlex, we will begin rolling out 25 locations over the next 36 months.”
Chris Manson, CEO of Newable, comments: “We’re thrilled to have Bold join the NewFlex family and expand our offering of workspace solutions for even more SMEs and entrepreneurs. We share the goal of providing beautifully designed workspaces for a diversifying range of occupiers and with Bold, we are able to tap into the increasing demand for unique office solutions. The addition of Bold is a significant step forward in spearheading our 2020 plans of continued growth and optimising our existing portfolio of flexible office brands.”
In the year to March 2019, Newable reported operating profit of £4.3m and a net asset value of £61.5m.