MML INVESTS IN FLEXIBLE OFFICE SPECIALIST INSTANT
MML has kicked off its 25th year by announcing a £15m investment into flexible office specialist Instant, taking a minority stake. Instant’s management team led by CEO Patrick Elliott will continue to hold the majority of the business, with founder Rob Hamilton retaining a stake and remaining as non-executive director.
Instant’s core proposition is the provision of Managed Offices, where Instant sources, fits out and manages bespoke office space on behalf of clients on multi-year contracts, effectively acting as an outsourced property department. Instant also helps SMEs and larger corporates to source serviced office space in the UK and internationally, acting as a broker between serviced office operators and potential occupiers.
Since its inception 13 years ago, the entrepreneurial company has grown from a London-based start-up to a well-established SME with nearly 100 staff, and established overseas offices in the USA and Australia. Instant’s revenue grew by 30% last year to over £22m.
Chief Executive Officer Patrick Elliott, who joined in August 2011 to take the reins from Hamilton, said: “We are delighted to receive private equity investment from MML, because they rapidly grasped the potential of the business and we quickly felt comfortable working with them. With their support, I am confident we can accelerate Instant’s success within the ever-expanding flexible office market.
“We are seeing a just-in-time approach to business become more and more prevalent; companies are seeking efficiencies by sourcing what they need, only when they need it, so they aren’t tying up capital. Why shouldn’t this practice translate to property? We work with clients to help them build flexibility into their property portfolios.”
Bal Johal and Luke Jones led the deal for MML and will both join Instant’s board.
Bal Johal commented: “We have backed Patrick and his team in continuing the impressive growth the company has already achieved. As companies are increasingly recognising the efficiencies of outsourcing non-core services, we see the full range of services Instant provides including the Managed Office proposition – as an excellent opportunity to benefit from what we anticipate will be viewed as an attractive method for sourcing office space, by more and more organisations. We expect there to be a continued shift away from the “one type suits all” approach to workplace leasing that has dominated the property industry for a very long time.”