Travelex boss to buy The Office in £43.3m deal

LLOYD DORFMAN, founder of currency exchange Travelex, is to acquire serviced office company The Office Group for £43.3m.

Dorfman is acquiring the company from Bridges Ventures, the private equity firm launched by Sir Ronald Cohen and dedicated to urban regeneration.

Dorfman will take over a portfolio of six sites in London and one in Bristol, with views to further expand The Office network.

“With interests in this sector already I was looking to diversify and it was evident that The Office Group had a very clear, differentiated proposition, an established customer base and a great vision for the future,” said Dorfman.

The Office was established in 2003 by Charlie Green and Olly Olsen and provides office design solutions to hundreds of fast-growing and medium sized business in the UK.

Management have forecasted that 2010 revenues will reach £7.29m, while the company will post a 95 per cent occupancy rate.