MWB to open four new centres

The AIM-listed company has signed four low-risk operating and management agreements (OMA) to open centres in Newcastle, Manchester and two in the City of London.

The move is part of MWB’s strategy to expand its premium-branded offices into regional market and its low cost alternative, City Executive Centres, into the central London market. It takes the number of Business Exchange centres to 58.

In Newcastle, Business Exchange has signed a 10-year OMA on a 31,000 sq ft building that forms part of a newly developed business park by Grantax Developments.

In Manchester, the company has signed a 12-year OMA on 22,000 sq ft of space at 61-67 King Street owned by AWG Property.

In the City of London, Business Exchange has opened two new centres under its City Executive Centres brand following the signing of a 10-year OMA with the Merchant Taylors Company, owners of two buildings on Threadneedle Street, EC2, and Finch Lane, EC3. The buildings provide a further 18,000 sq ft of space.

John Spencer, chief executive of Business Exchange, said: ‘These new centres reflect our strategy of expanding through low-risk OMAs where there is no liability for either Capex or long term conventional lease liabilities.

‘Also, in the case of Newcastle and Manchester, it enables us to expand into two key regional markets, which has been a priority for some time. The new City centres allow us to offer a lower cost alternative to the more traditional five-star centre through our CEC brand.’