Literacy Capital PLC New Investment
18 Maio 2023 - 3:00AM
RNS Non-Regulatory
TIDMBOOK
Literacy Capital PLC
18 May 2023
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area,
Canada, Australia, Japan or the Republic of South Africa.
18 May 2023
Literacy Capital plc ("Literacy Capital" or the "Company")
Literacy Capital announces new investment in Cubo Work
New investment
Literacy Capital is pleased to announce an investment into Cubo
Work ("Cubo"), a leading high-end flexible office provider.
Literacy Capital has acquired a significant minority stake and
provided capital to fund further growth of the business. Further
financial terms have remained undisclosed.
Literacy Capital completes investment into Cubo Work
Literacy Capital plc has completed an investment into Cubo, a
leading high-end flexible office provider, which gives the Company
a significant minority stake.
Founded in 2020 by property investors Marc and Rebecca Brough,
Cubo has established itself as the UK's fastest growing provider of
bespoke, high-end flex office and co-working space in the Midlands
and Yorkshire, with sites in Birmingham, Leeds, Nottingham,
Sheffield and Derby.
Earlier this year, Cubo announced plans to almost double its
footprint by the end of 2023. New workspaces in Nottingham,
Birmingham, Manchester and Edinburgh are set to open in the coming
months with sites in other leading regional towns and cities in the
pipeline.
Cubo is aiming to transform the traditional serviced office
model to enable increasingly intuitive ways of working. It provides
an experience-led lifestyle offer to meet the changing needs of
businesses. From hot desking to a designated desk, private office,
or entire floors on flexible terms, it is rapidly becoming the
location of choice for many SMEs, tech companies and blue-chip
corporates looking for a world class environment.
The investment from Literacy Capital will support and catalyse
Cubo's ambitious expansion plans, which come at a time where the
flex office market is experiencing unprecedented growth, with
demand for serviced space growing by 25% in 2022 alone.
The transaction is Literacy's 22nd platform investment since the
inception of the fund in 2017 with Cubo joining an already
impressive roster of portfolio companies, including Grayce, Oxygen
Freejumping, Butternut Box and Antler Homes.
Enquiries
For further information, please contact:
Literacy Capital plc / Literacy Capital
Asset Management LLP:
Richard Pindar / Tom Vernon +44 (0) 20 3960 0280
MHP Communications:
Reg Hoare / Ollie Hoare / Matthew Taylor +44 (0) 20 3128 8276
book@mhpgroup.com
Singer Capital Markets Securities Limited:
Robert Peel +44 (0) 20 7496 3000
About Literacy Capital:
Literacy Capital (BOOK.L) is an investment trust that was
co-founded by Paul Pindar and Richard Pindar in 2017 with GBP54m of
capital. Literacy subsequently listed on the London Stock Exchange
in June 2021. The Company focuses on opportunities to invest for
the long-term in growing private businesses where a clear route to
creating additional value can be seen with its support. The fund is
evergreen, allowing it to be more flexible and to accommodate the
wishes or needs of founders.
The fund also has a unique charitable objective, to donate 0.9%
of annual NAV to charities focused on improving UK literacy in
children. Almost GBP6.5 million has been donated or reserved for
donation to charities since the trust's creation in 2017. For more
information, please visit our website: www.literacycapital.com
.
Website:
www.literacycapital.com
LEI: 2549006P3DFN5HLFGR54
A copy of this announcement will be available on the Company's
website at www.literacycapital.com.
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