Flexible office provider Cubo has received eight-figure funding for further growth around the UK. The workspace provider, which launched in Derby in 2020, has secured the backing from investment firm Literacy Capital.
The business was founded by Marc and Rebecca Brough, and has become one of the fastest growing providers of co-working space in the Midlands and North. It wants to build a presence in all leading commercial regions by 2025 and to take the brand internationally.
Earlier this year, Cubo announced plans to almost double its footprint by the end of 2023.
As well as Derby, it has sites in Nottingham, Sheffield, Leeds and Birmingham, which will soon be followed by a new site in Edinburgh’s Princes Street in July.
In addition to increasing capacity within high demand zones such as Nottingham and Birmingham, it has also identified sites in other regional towns and cities.
Chief executive Marc Brough said: “The opportunity to work with Literacy Capital will enable us to secure further sites quickly, and fit-out in multiple locations simultaneously, to meet the growing needs of both existing members and other corporate occupiers who have committed to work with Cubo as the business grows a nationwide platform.
“We look forward to capturing more of the market for hybrid working in 2023 and beyond.
“My team and I are committed to establishing a network of Cubo workspaces across the length and breadth of the UK.
“Our model of securing leases in prime locations across all the UK’s core cities is reaping massive benefits for our members, with all our sites currently enjoying an average occupancy rate of 98 per cent.”
Richard Pindar, chief executive of Literacy Capital, said: “Cubo’s tailored approach to creating client office spaces in prime city real estate is clearly a winning formula given the calibre of its tenants.
“We are delighted to be supporting their continued roll out and expect the rapid growth to continue. “Cubo is exactly the sort of business we are looking to partner with.
“It has grown very quickly as an independent entity, but Marc and his team are savvy enough to recognise that partnering with someone at this stage is the best way to create a sustainable and valuable business.
“It operates in a rapidly growing market where there is a lot of focus on London, but the regional opportunity is significant if you have the right model.”
