CUBO BOSS UPBEAT AFTER SECURING INVESTMENT

The chief executive of Cubo is upbeat about the company's growth plans after securing investment from Literacy Capital, with the business looking "forward to capturing more of the market for hybrid working in 2023 and beyond".

Announced last week, Literacy Capital, a listed investment trust primarily focused on investing directly into private businesses based in the UK, has acquired a significant minority stake in Cubo to facilitate its continued UK expansion.

Founded in 2020 by property investors Marc and Rebecca Brough, Cubo Work provides bespoke co-working space at 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 otherregional towns and cities in the pipeline.

Chief executive Marc Brough said: "We are committed to establishing a network of Cubo workspaces across the length and breadth of the UK. Our model of securing leases in prime locations across all the UK's core cities is reaping massive benefits for our members with all our sites currently enjoying 98 per cent occupancy.

"The opportunity to work with Literacy Capital will enable us to secure further sites quickly and fit-out in multiple locations simultaneously to meet the growing needs of both existing members and other corporate occupiers who have committed to work with Cubo as the business grows a nationwide platform.

"We look forward to capturing more of the market for hybrid working in 2023 and beyond."

Richard Pindar, chief executive of Literacy Capital, added: "Marc and his team have built a solid track record of investment in flexible office space and client relationships in just three years, which is a great foundation for long-term success in a rapidly growing market.

"Cubo is exactly the type of business we are looking to partner with, having executed its plan very well in regional cities which have been less well served by competitors. Cubo is also well positioned to double its footprint by the end of this year and progress plans further beyond this."

Advisers included: Rigby & Co (property adviser); Browne Jacobson (vendor legal); Walker Morris (vendor property legal); Deloitte (corporate finance); Marcussen (tax); Addleshaw Goddard LLP (investor legal); Keystone (investor); DSW (investor finance); GT (vendor finance).