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Travelex Founder to Buy The Office Group for £43.3m

Travelex Founder to Buy The Office Group for £43.3m

Lloyd Dorfman, founder and Chairman of currency exchange company Travelex Group, is set to buy serviced office company The Office Group for a reported £43.3m.

The properties, of which all seven are currently advertised on the officebroker.com website, offer serviced office space to businesses looking for flexible lease terms in prominent locations. Six of The Office Group sites are based in London, and one is situated in Bristol city centre (pictured top).

According to City AM, once the transaction has been completed, Mr Dorfman has views to further expand The Office Group’s UK network.

“With interests in this sector already I was looking to diversify,” he said, “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.”

Mr Dorfman’s “interests” in the sector relate in part to his acquisition of another property – 3 Lloyds Avenue (pictured bottom) – that also supplies serviced office space in London. Having bought the property in July 2009 for ┬ú5.4m, which was 50% vacant at the time, he has since refurbished the space and the building now offers fully serviced offices under management of Esselco Services.

The centre, which boasts state-of-the-art technology, prime design-led furnishings and a stylish roof terrace, won officebroker.com’s Business Centre of the Month award in July 2010.

Other properties belonging to Mr Dorfman, similarly managed by Esselco Services, include 15 Stratton Street in Mayfair, Warnford Court on Throgmorton Street in the City of London, and 22 Manchester Square in London.

The Travelex Group was founded by Mr Dorfman in 1976 when he opened a small currency exchange shop in central London. Today, the company is the world’s largest non-bank foreign exchange business. Among his many other business interests, Mr Dorfman is also Non-Executive Director of M & C Saatchi plc, and a Patron and Deputy Chairman of The Prince’s Trust Development Board.

He was appointed CBE in the Queen’s Birthday Honours list for services to business and charity.

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Author: | September 6, 2010 | 0 Comments

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