RCS - Literacy Capital PLC - New Investment

Literacy CapitalAnnouncement

18/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230518:nRSR8111Za&default-theme=true

RNS Number : 8111Z  Literacy Capital PLC  18 May 2023

The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, any
member state of the European Economic Area, Canada, Australia, Japan or the
Republic of South Africa.

 

 

18 May 2023

 

Literacy Capital plc ("Literacy Capital" or the "Company")

 

Literacy Capital announces new investment in Cubo Work

 

New investment

 

Literacy Capital is pleased to announce an investment into Cubo Work ("Cubo"),
a leading high-end flexible office provider.

 

Literacy Capital has acquired a significant minority stake and provided
capital to fund further growth of the business. Further financial terms have
remained undisclosed.

 

 

Literacy Capital completes investment into Cubo Work

 

Literacy Capital plc has completed an investment into Cubo, a leading high-end
flexible office provider, which gives the Company a significant minority
stake.

 

Founded in 2020 by property investors Marc and Rebecca Brough, Cubo has
established itself as the UK's fastest growing provider of bespoke, high-end
flex office and co-working space in the Midlands and Yorkshire, with sites in
Birmingham, Leeds, Nottingham, Sheffield and Derby.

 

Earlier this year, Cubo announced plans to almost double its footprint by the
end of 2023. New workspaces in Nottingham, Birmingham, Manchester and
Edinburgh are set to open in the coming months with sites in other leading
regional towns and cities in the pipeline.

 

Cubo is aiming to transform the traditional serviced office model to enable
increasingly intuitive ways of working. It provides an experience-led
lifestyle offer to meet the changing needs of businesses. From hot desking to
a designated desk, private office, or entire floors on flexible terms, it is
rapidly becoming the location of choice for many SMEs, tech companies and
blue-chip corporates looking for a world class environment.

 

The investment from Literacy Capital will support and catalyse Cubo's
ambitious expansion plans, which come at a time where the flex office market
is experiencing unprecedented growth, with demand for serviced space growing
by 25% in 2022 alone.

 

The transaction is Literacy's 22nd platform investment since the inception of
the fund in 2017 with Cubo joining an already impressive roster of portfolio
companies, including Grayce, Oxygen Freejumping, Butternut Box and Antler
Homes.

 

Enquiries

For further information, please contact:

 

 

 Literacy Capital plc / Literacy Capital Asset Management LLP:

 Richard Pindar / Tom Vernon                                    +44 (0) 20 3960 0280

 MHP Communications:

 Reg Hoare / Ollie Hoare / Matthew Taylor                       +44 (0) 20 3128 8276

                                                                book@mhpgroup.com (mailto:book@mhpgroup.com)
 Singer Capital Markets Securities Limited:

 Robert Peel                                                    +44 (0) 20 7496 3000

 

 

About Literacy Capital:

 

Literacy Capital (BOOK.L) is an investment trust that was co-founded by Paul
Pindar and Richard Pindar in 2017 with £54m of capital. Literacy subsequently
listed on the London Stock Exchange in June 2021. The Company focuses on
opportunities to invest for the long-term in growing private businesses where
a clear route to creating additional value can be seen with its support. The
fund is evergreen, allowing it to be more flexible and to accommodate the
wishes or needs of founders.

 

The fund also has a unique charitable objective, to donate 0.9% of annual NAV
to charities focused on improving UK literacy in children. Almost £6.5
million has been donated or reserved for donation to charities since the
trust's creation in 2017. For more information, please visit our
website: www.literacycapital.com (http://www.literacycapital.com/) .

 

 

Website:

www.literacycapital.com

 

LEI: 2549006P3DFN5HLFGR54

 

A copy of this announcement will be available on the Company's website at
www.literacycapital.com (http://www.literacycapital.com) .

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAFFFSFEAIDLIV