Forsyth Business Centres, Kevin McCabe’s serviced offices group, is embarking on a £200m expansion programme and plans to float on AIM within five years.
The company is part of the former Teesland chairman’s and current Sheffield United chairman’s property empire.
Forsyth has appointed UK agency Doherty Baines to buy up to 20 freehold sites in the south of England as part of plans to open 40 business centres throughout the UK and Europe by 2009, by using £200m raised from a combination of equity and debt.
Forsyth chairman Jane Gwillim-David said: “This is an exciting phase of growth for Forsyth, inside and outside the UK.
“We already have plans to open centres next year in Exeter, Richmond, the City of London and Brussels. Further properties have been identified in Bournemouth, Leeds and Watford.”
Forsyth has instructed Doherty Baines to look for both development sites and existing buildings up to 70,000 sq ft across the south of England, focusing on London, the M25 and the M4 corridor.
As well as growth in the UK, Forsyth said it planned to expand further in Europe, Asia and Australia.
It currently has 30 business centres with operations throughout England, Scotland, Northern Ireland, India, Hong Kong and China.
Forsyth will also expand its offering by opening two new divisions – Workzone, which will provide basic level workspace, and Storezone, offering personal storage.
Forsyth was established by McCabe in 1991 as a subsidiary of Scarborough Property.
