Space Fills Major Gap in Helping Firms Survive the Slump
Wednesday, November 19th, 2008
on behalf of Space Solutions
Space Solutions, Scotland’s leading workplace design experts, is predicting another year of impressive growth fuelled by its specialist service in helping businesses to succeed during the credit crunch.
Latest annual figures (for year end to 30 June) for Space Solutions, which completed a management buy-out in July 2007, saw it achieve record turnover of £12.8 million.
But the company, which has its head office in Aberdeen with bases in Edinburgh, Glasgow, Dundee and Peterborough, is forecasting sales to surge to £15.5 million for 2008-09 – a 22% increase – as it benefits from a soaring order book.
Space Solutions is Scotland’s biggest independent expert in helping businesses manage changes within the workplace. It operates UK-wide to design, build, fit out, refurbish and relocate modern and productive business environments.
But it is the firm’s meticulous approach to the science of space planning and workplace analysis, which is supporting an ever-growing number of businesses who face difficulties because of rising overheads or a failure to find finance for expansion, that is helping drive up expansion.
Managing Director Steve Judge said the future for Space Solutions is looking extremely bright.
He said: “We are delighted that turnover for the last financial year was ahead of expectations. It was the first full year after our MBO so it’s a sign of our commitment to consistently exceed client expectations that we were able to exceed our sales targets.
“But it’s over the next year, that we expect to see very exciting times for Space Solutions.
“We are budgeting for a £15.5m turnover – up more than 20% – for our next year-end, which in the current difficult times is a sure sign of the continued confidence so many businesses are putting in us.
“In fact September represented our best month ever, recording a £1m+ increase in turnover than September 2007.”
Steve said a significant share of its recent success has been with businesses wanting to make more efficient use of their business space during the economic downturn – it recorded an estimated 22% increase in contracts across the Central Belt as firms of all sizes make changes to their premises to better cope with volatile market conditions.
Steve added: “There’s a real air of gloom around the property market, so it may be surprising to hear that, as a business whose entire currency is property, we are actually doing very well at the moment.
“Companies being forced to manage overheads and dramatically reshape operations to face up to the current economic climate may not be realising the full potential of one of their greatest assets – their property.
“We offer to undertake a comprehensive review of a clients’ property requirements and to provide advice on how to more efficiently occupy their space.
“With proper workplace analysis and space planning, businesses are finding they can make significant savings or create vital additional space for an expansion they thought was impossible because of difficulties securing bank finance.”
In one case, Space Solutions worked with a major company to identify so much wastage in unnecessary storage, it was able to free up an entire floor of the building.
As a result, the firm has now sublet 1500 sq ft and has been able to focus more money and attention on long-term growth because it freed up so much additional capital.
Although founded in 1997, Space Solutions’ senior management team – lead by Steve Judge – completed a MBO In July 2007.
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