Iconic Offices has achieved annual growth more than 100% year on year since it was founded in 2013. The company has grown exponentially from an Irish startup to a medium sized company within 5 years. 2017 has notably been the most transformational year to date for Dublin’s home-grown flexible workspace provider, achieving a 500% increase in EBITDA run rate within 6 months following the drawdown of a €4 million debt facility. This has led to the doubling of their Dublin headcount to a 50+ strong workforce, as well as increasing the total number of workstations to in excess of 2,000. Further expansion will see the Iconic Offices portfolio grow by a minimum of 1,000 workstations over the next 12 months.
Founder & CEO, Joe McGinley told Irish Tech News:
“The management team and the wider company are both delighted and excited to kick off this fund-raising process. The capital injection will transform the business and see Iconic Offices reach its full potential, and allow us to add lots of new talent to the company.”
Last month, The Victorians, located on Earlsfort Terrace, Dublin 2 was the first Iconic Offices building to open its doors in 2018. Built in 1881, this grand and ornate property spans five floors across four outstanding Victorian redbrick buildings, housing up to 260 workers. Aptly named after it’s incredibly unique and original Victorian architecture, this building is a rare find in the heart of Dublin City Centre, and Iconic Offices are proud to bring this distinctive offering to the Dublin market.
2017 has seen a lot of interest in this fast-growing and exciting commercial property sector. It is estimated that 180,000 sq ft of business space have been leased as flexible workspace in 2017 by operators in Ireland. This represents a near trebling of lettings by flexible workspace providers in the last 12 months.
CFO, Brian Kelly, added:
“Iconic Offices has enjoyed exponential growth to date, and this capital raise will give us a strong platform to continue our growth trajectory while delivering the next generation of flexible workspace both at home and abroad.”
Setting their sights on rapid growth in Dublin and continental Europe, Iconic Offices have decided to engage Deloitte Ireland to source a capital partner to accelerate international expansion, a very exciting undertaking for an Irish indigenous company. The new partner will allow delivery on Iconic Offices growth plan over the next 5 years, including a forecast of c. 7,000 workstations, 100+ job creations, with the clear majority of these jobs in Ireland, and to expand its portfolio by a further c. 538,000 sq ft.