NewFlex, a leading provider of branded workspace solutions, powered by Newable, has acquired London-based coworking and small meetings start-up, Bold. Bold offers hotel investors a creative and boutique brand designed to attract entrepreneurs, innovators and business travellers, with spaces characterised by daring and impactful interior design.
Founded in 2016 by former MeetingRooms.com CEO, Caleb Parker, and ex-TransferGo marketing director, Magnus Olby, Bold operates a management agreement model similar to those which are standard in the hotel industry. Leveraging this model and backed by NewFlex, Bold will open 25+ locations in the UK over the next 36 months.
Bold-branded spaces come as a complete turnkey package that includes design and build, hospitality, events and wellbeing, sales and marketing and the Bold tech platform.
Bold enables hoteliers to diversify into a complementary hospitality category by addressing a rapidly growing market with a similar investment criteria. Business travellers work for the same corporate customers who need the flexibility offered by coworking memberships. As with their preferred hotel suppliers, they demand upscale environments and secure, trusted workspaces so they can feel confident hosting employees and clients.
NewFlex delivers and manages a range of branded workspace solutions for every type of location and occupier. All workspace solutions benefit from the common NewFlex platform, from demand generation, to building management and compliance through to account reporting, yield optimisation and planning.
By adding Bold to its portfolio, Newable will be able to offer bespoke, high-design workspaces that focus on work-life blend, with a design that expresses this focus explicitly through innovative solutions for free-flowing social areas and meeting spaces. As with other Newable workplaces, Bold will be offered to hotel investors and asset owners through franchise and contract agreements.
The acquisition of Bold is the latest in a string of deals signed by NewFlex, at a time when leading property consultancy JLL predicts that 10 million sqft of flexible workspace will be added to the UK market over the next five years.
Currently, the global market value of flexible workspaces is £19.9 billion ($26b) and 40% of flexible workspace demand is forecast to come from large and corporate companies.
Caleb Parker commented: “We are excited to join NewFlex for the next stage of our growth journey. The hospitality and workspace sectors are merging as more people have the flexibility and freedom to choose the environments that inspire their productivity. Bold’s aim is to support innovators wherever opportunity takes them and create spaces entrepreneurial people love.”
Chris Manson, CEO of Newable, commented: “ We’re thrilled to have Bold join the NewFlex family and expand our offering of workspace solutions for even more SMEs and entrepreneurs. We share the goal of providing beautifully designed workspaces for a diversifying range of members and with Bold, we are able to tap into the increasing demand for unique workspace and small meeting solutions. The addition of Bold is a significant step forward in spearheading our 2020 plans of continued growth and optimising our existing portfolio of flexible workspace brands.”