THE OFFICE GROUP LIMITED

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have assessed the business plan and cash flow forecasts for the Group for a period of at least 12 months from the date of issuance of these financial statements. The forecasts include consideration of future trading performance, capital expenditure and continued compliance with debt covenants. In addition to a base-case scenario, being the Directors' view of the most likely outcome, a severe-but-plausible downside forecast has been prepared which reflects the principal risks and uncertainties set out in the Strategic Report. The sensitivities applied in the downside scenario include a significant reduction in occupancy, higher than expected inflation and removal of expected rate increase assumptions. Whilst the going concern consideration has been undertaken at a group level, The Office Group Securities Limited has given re-assurance to this company that the necessary liquidity will be made available to it to ensure it can meet its liabilities as they fall due. Based on this assessment, the Directors have a reasonable expectation that the combined Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements.”

Group structure

1. THE OFFICE GROUP LIMITED · parent
   1. Fora Operations Limited 100% · UK · Flexible office provider
   2. Fora Property Holdings Limited 100% · UK · Property investment
   3. Queen Street Limited 100% · UK · Property investment
   4. TOG 4 Limited 100% · UK · Intermediate holding company
   5. Fora Property Holdings 2 Limited 100% · Guernsey · Property investment
   6. Brandon House Limited 100% · Guernsey · Property investment
   7. Lever Street Limited 100% · Guernsey · Property investment
   8. Broadwick Street Limited 100% · Guernsey · Property investment
   9. Princelet Street Limited 100% · Guernsey · Property investment
   10. Dallington Street Limited 100% · Guernsey · Property investment
   11. Shoreditch High Street Limited 100% · Guernsey · Property investment
   12. Eastcastle Street Limited 100% · Guernsey · Property investment
   13. Southwark Bridge Road Limited 100% · Guernsey · Property investment
   14. Folgate Street Limited 100% · Guernsey · Property investment
   15. The Office Group Holdings Limited 100% · UK · Intermediate holding company
   16. The Office (Farringdon) Limited 100% · UK · Flexible office provider
   17. The Office (Kirby) Limited 100% · UK · Flexible office provider

Significant events

• “As a result of a Combined Group wide refinancing that took place in the year...the Combined Group completed a restructuring of its corporate entities. The restructuring resulted in the creation of new entities and the movement of subsidiaries within the combined Group.”
• “In September 2024, the existing Mezzanine facility was repaid through additional investment and the Combined Group negotiated a refinancing of £520m in the form of a single facility which comprised of £300m in new loans which mature in 2027 with two one-year extension options, and a £220m Commercial Mortgage-Backed Security investment facility ("CMBS").”
• “Due to the restructuring of the Group, the Directors voted a final dividend for the year ended 31 December 2024 of £52,231k during the year (2023 - None).”
• “The Office Group Limited disposed of its investment in The Office Group Operations Limited... for consideration of £15,602k and recognised a loss of £237k.”
• “The Office Group Limited disposed of its investment in Fora Space Limited... for consideration of £137,321k and recognised a profit of £54,612k.”
• “The Office Group Limited disposed of its investment in Hollybush Gardens Limited... for consideration of £6,481k and recognised a loss of £200k.”
• “The Office Group Limited disposed of its investment in Fora Thames Tower Limited... for consideration of £424k and recognised a loss of £2,520k.”
• “TOG 4 Limited disposed of its investment in TOG 5 (France) Limited and TOG UK Properties Limited... for consideration of of £209,610k and £82,920k respectively and recognised a profit of £137,384k.”
• “The Office Group Holdings Limited disposed of its investment in The Office Group Midco Limited... for a consideration of £359,575k and recognised a profit of £193,108k.”
• “Loss on acquisition of trade: As part of the restructure referenced in the Strategic Report, trade was transferred into this group at market value. Due to the transfer being between entities under common control internally generated goodwill cannot be recognised in the accounts, so the above loss of £114,669k has arisen.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -19.6%

  £106,138,000 → £85,322,000

• Cash

  -64.8%

  £17,281,000 → £6,081,000

• Net assets

  -50.4%

  £486,848,000 → £241,626,000

• Employees

  -26.7%

  176 → 129

• Operating profit

  +179.3%

  -£45,753,000 → £36,276,000

• Profit before tax

  +409.9%

  -£98,730,000 → £305,952,000

• Wages

  -12.2%

  £10,396,000 → £9,127,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers