PlaceTech opens London base at XCHG in 22 Bishopsgate

PlaceTech has joined the occupiers at AXA’s landmark office 22 Bishopsgate, where NewFlex, a leading operator of ‘space-as-a-service’ solutions with 50 sites across the UK, has been appointed to curate and manage the incubator and innovation workspace community.

To be known as The Exchange – branded XCHG – and specifically targeting start-ups, scale-ups and SMEs, the 14,000 sq ft flexible office and co-working space on Level 7 will be NewFlex’s most significant space-as-a-service project to date, aiming to create a bespoke environment that fosters innovation.

As part of an agreement between 22 Bishopsgate and the City of London, 50 memberships within The Exchange will be reserved as incubator space for small businesses with high growth potential.  Qualifying businesses will receive a 50% booking discount against market rates, allowing them to access a quality of workspace, amenities and proximity to a broad range of types of size and sectors of business that would otherwise be unavailable to them. Qualifying companies must have been trading for less than five years, employ fewer than 10 staff and exhibit a high growth potential.

XCHG corner breakout space with views across London

PlaceTech has become one of the first members of XCHG, with Cara Fautley, commercial development manager, leading the London office.

Cara Fautley said: “I’m really excited for PlaceTech to have a home in such a prestigious address and can’t think of a better base to be growing our London activity. I believe that The Exchange’s ambition of finding a new way of working for modern times is the perfect fit for PlaceTech and our focus on innovation.”

Occupying the entire seventh floor at one of London’s most sustainable new buildings, which stands 62 storeys tall, The Exchange will also provide a members lounge with views across London, meeting rooms and events space, media suites for content production, such as podcasts and video recording, streaming and editing, as well as a 60 seat auditorium that will host an ongoing programme of workshops and talks, designed to help businesses accelerate their growth.

As part of the new offering, The Exchange’s members will also be able to access a new app and online community designed to build an ecosystem where ideas, content and advice can be shared amongst entrepreneurs, innovators, SMEs and start-ups. The Exchange will work on a membership basis with different tiers available dependent on member access preferences.

Steve Jude, CEO of NewFlex, commented: “We are delighted to unveil The Exchange – a new era of flexible membership-led spaces to suit the modern working world. As we emerge from the pandemic, many people are looking to re-engineer their work-life balance. We believe that The Exchange is part of the solution to finding a new way of working. Our vision is to create a new inclusive community where creativity and ideas can flourish, giving SMEs and entrepreneurs who crave flexibility the right environment to grow their businesses. All of this is underpinned by a truly world-class development and team, where every aspect from holistic wellbeing to sustainability has been considered from the outset.”