A new landmark lending scheme has helped rapid expansion of a co-working spaces business.
Co-working and business support firm TownSq has enjoyed a period of rapid growth following major new finance for the business and a number of high-value contract wins during 2021.
Over the past eight months, TownSq has won six new contracts resulting in additional revenue of £15m over the next five years, with three spaces in London and hubs in Llanishen, Rhyl, and Chester.
This has allowed the company to almost double its team, with an additional nine members of staff joining. These will be followed by a further six posts over the next few months as further co-working spaces come online.
The six-figure finance from Triodos is some of the sustainable bank’s first lending through the Government’s Recovery Loan Scheme, which is designed to provide financial support to businesses across the UK as they recover following the pandemic. The lending comes as the bank looks to support the growing number of ethical businesses in Wales, having already increased its loan book in the country by 45% between 2017 and 2020.
Like TownSq, Triodos is a B Corp, meaning it is certified as meeting the highest standards of social and environmental performance, public transparency and legal accountability.
Ms Weston said: “In what has been a tough year, with lots of Covid-related challenges, our entire team has pulled together, and it’s a testament to their hard work that our growth has not only continued but has picked up pace.
“We’ve doubled in size, which might be surprising when you think that our business is primarily based around sharing space with other people - something that has been restricted these past 12 months. In fact, it’s a reflection of the genuine desire and need from partners and entrepreneurs to create supportive business communities, to facilitate the new way of working, and to support town centres and high streets, offering local workers an alternative to the traditional office commute.
“Embracing an ethos of business for good has also been an important part of the wider blueprint for TownSq - not just in terms of ethics, but also as a business model. Our new contracts come with social goals, and the fact we are a certified B Corp has certainly played a role in us securing nationwide partnerships.
“Although we are growing quickly, we are doing so in a sustainable and profitable way. By continuing to work with partners and stakeholders such as Triodos, we expect 2022 to be just as fruitful as this past year.
