Serviced office provider Stonemartin will be sold to office space giants Regus following a shareholder meeting this morning.
Shareholders of the service office space company voted in favour of selling Stonemartin Corporate Centres after months of uncertainty for the business. Last August the company, known for offering prime city centre serviced office space, appointed Jones Lang LaSalle to raise third party finance.
Recent accounts show profits of around £7m for Stonemartin, but a large amount of this is made-up of compensation the company received after the termination of three major office management contracts at Birmingham, Reading and Leeds.
This morning’s vote confirmed that Stonemartin’s operating subsidiary will be sold to Mark Dixon’s office property giants Regus and that the serviced office space company will be cancelling their listing on AIM. Regus have been operating in the serviced office space business since 1989.
The £1.5m deal with the serviced office market leaders, is set to be completed very soon according to Stonemartin, who expect the cancellation to be effective from the New Year. Plans are to hand cash back to shareholders as soon as possible as a result of a solvent closure.
Tags: Jones Lang LaSalle, Regus, Stonemartin