A group that operates co-working spaces in Cheltenham for start-ups and SMEs within the Gloucestershire town’s thriving community of cyber tech firms has been acquired for an undisclosed sum.
Hub8 has a network of facilities in and around Cheltenham - home to Britain's spy agency GCHQ - that will provide around 40,000 sq ft of innovation space.
These include sites within the central brewery quarter, at the Gloucestershire College campus, with a third growth hub called Minister Exchange set for completion later this year.
Plexal, a co-working space venture founded by a fund called DV4 and managed by investment firm Delancey, has now purchased a majority stake in Hub8. Plexal, which has sites in Manchester and London, has been collaborating with Hub8 since 2019, helping cyber tech firms across the country to connect and share ideas.
In 2021, Plexal and Hub8 collectively won the National Cyber Security Centre (NCSC) Innovation Partner programme, a scheme dedicated to working with start-ups to help them develop and pilot their solutions, adapting their technology to new cyber challenges.
Demonstrating the impact of their work, the NCSC for start-ups alumni of over 60 companies has collectively raised over £430m and created hundreds of jobs nationwide.
Bruce Gregory, managing director of Hub8, said: “Since being introduced to Plexal in 2019, we’ve established a partnership that has supported and enabled the cyber tech community in Cheltenham and the southwest region to flourish and grow.
"As the managing director of Hub8, I’m excited to bring our companies even closer together and the opportunity this will have for our community to connect with other key locations across the UK where government, industry, start-ups and academia can collaborate to unlock innovation.”
Plexal’s chief executive Andrew Roughan added: “With the South West region emerging as the preeminent hub for cross-sector collaboration in cyber and national security, it was clear we fit into the heart of that ecosystem and are excited to help drive its future growth and development, as we close the gap between regions.”
Plexal’s chief commercial officer Saj Huq is a member of the UK’s National Cyber Advisory Board, with the company saying it has supported almost 500 cyber start-ups and scale-ups through growth programmes.
Read next:
- Forest Green Rovers chief executive to step down
- Tributes paid to Gloucestershire businessman Tracey Pope following death
- Parenting app created by Oscar winner announces rebrand
- Rolls-Royce has 'positive talks' on Gloucestershire mini-nuclear plants
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
