Avanta Serviced Office Group

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Operating Review and Financial Performance

Avanta

Serviced

Office Group

Interim Report & Accounts 2014

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Our Coverage Areas

25 2 To Stansted Airport City Airport To Gatwick Airport Heathrow Airport 19

M25

6 9 8 4 21 19 27 22 18 75 6 29 11 24 16 12 17 7 23 28 3 20 13 14 10 1 9 8 15 18 26 1. Austin Friars 2. Beckenham 3. Blackfriars 4. Blackfriars (Mermaid) 5. Bromley 6. Canary Wharf 7. Cavendish Square 8. Charlotte Street 9. Covent Garden 10. Devonshire Square 11. Dover Street 12. Ealing 13. Euston 14. Fetter Lane

15. Great Titchfield Street (Media Village) 16. Hammersmith 17. 17 Hanover Square 18. 20 Hanover Square 19. Hemel Hempstead 20. Holborn

21. King William Street 22. Lower Thames Street 23. Margaret Street 24. North Row

25. Reading (Dukesbridge House) 26. Sackville Street

27. Vauxhall 28. Victoria 29. Warwick Street

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6 months June 2014 £’000 6 months June 2013 £’000 12 months December 2013 £’000 Revenue 29,662 7,004 30,548

Operating profit / (loss) 2,503 (860) (1,338)

EBITDA 4,161 (152) 1,432

Adjusted EBITDA1 _2,036 ₍₃₃₄₎ ₃₂₉

New centres from 1 January 2013 (17) (1,196) (2,429)

SOG operations as at 1 January 2013 2 3 ₉₄₁ _2,057 _4,162

Avanta operations as at 1 January 2013 2 _3,680 _- _2,836

Central costs (2,568) (1,195) (4,240)

Profit / (loss) before tax from continuing operations 1,304 (1,046) (2,823)

Total profit / (loss) before tax 1,304 (1,161) (3,743)

Net assets 23,912 10,516 22,215

Net assets per share 73.4p 52.4p 68.6p

Net cash 11,836 7,957 8,388

Net cash / (debt) at period end 9,591 1,782 3,405

1 _{Excludes a positive gain on property revaluation £2,169k}

(Jun 2013: £182k; Dec 2013: £1,881k), share based payment expense £200k (Jun 2013: £nil; Dec 2013: £154k), acquisition costs of £nil (Jun 2013: £nil; Dec 2013: £624k), lease provisions £156k (Jun 2013: £nil; Dec 2013: £nil).

2 _{Includes management centres.}

3 _{SOG EBITDA includes centres that are Closed £142k loss}

(June 2013: £574k profit, Dec 2013: 1,008k profit), Held for Sale £296k profit (June 2013: £582k profit, Dec 2013: 1,342k profit), Mature £410k profit (June 2013: £680k profit, Dec 2013: 1,291k profit) and those under Management £377k profit (June 2013: £221k profit, Dec 2013: 521k profit).

Note that the Group’s comparative results for the 6 months to June 2013 do not include the financial impact of the acquisition of Avanta Managed Offices Limited which completed on 29 July 2013. The results to December 2013 include the financial results of Avanta Managed Offices Limited for the 5 months from the completion of the acquisition.

Financial Highlights

Since we last updated shareholders in May the business has traded well. Earnings for the first 6 months of the year are slightly ahead of expectations and reflect the combination of a healthy market environment and the benefits of having increased the scale of the business with the acquisition of Avanta last year. Our key performance indicators, highlighted below, are almost without exception improvements in operational terms over last year’s proforma comparative; only Business Centre EBITDA has seen a slight negative variance, and this reflects a short term reduction in the number of centres, following our decision to accelerate disposal of our freeholds, thereby improving the quality of our property portfolio and strengthening our balance sheet.

I am pleased to report that we have held our ‘average lease length’ steady year to year, as we have signed and/or extended several leases in the period, and our growth plans are gathering speed. An ongoing challenge in the business is the natural attrition of remaining lease terms, and management has successfully tackled this issue and positioned us on the front foot as we seek to extend our average lease length. The new centre in Warwick St has opened this week and Tenterden St is due to open shortly. Furthermore, we are announcing today the signing of an agreement to enter into a new 15 year lease at Eagle House at Old Street, Tech City and together with the signing of a 10 year management agreement at Merchant Place in Paddington, we are adding a further 770 additional workstations to the 850 added with Warwick St and Tenterden St. Our average lease length will increase year on year as a result of signing Eagle House. The pipeline of new sites remains active, and we hope to have replaced the number of sites disposed of through the recent sale of our freeholds within the next 12-18 months. Lease extensions and/or expansions are also being sought for those sites that are core to our business. Looking forward, all of the Group’s freehold properties have now been sold, releasing cash to allow the Group to become debt free, fund expansion, and settle its outstanding obligations to RBS before the end of the year. Thus, the first true year of the Group’s expansion strategy is on track with the signing of the

Daniel Taylor

Chairman

17 September 2014

Chairman’s

Statement

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2

Avanta Serviced Office Group plc. Interim Report & Accounts 2014.

Operating Review and Financial Performance

Organisational review

The Group is engaged in the provision of short to medium term serviced office workspace and related services including virtual offices, meeting and conference room facilities and IT and telephony services. Following the successful integration of the Avanta business acquired in 2013, the Group has consolidated its business in line with its strategy of focusing on Central London. Four non-core centres have been closed and the Group has sold its remaining four freehold buildings; net of deferred consideration payable to RBS an additional profit of £1.1m will be achieved. Recent occupancy and average rates have been ahead of expectations and, following a delayed start due to the integration of Avanta, execution of the Group’s expansion strategy is well under way. The Group has signed agreements or leases for three new buildings at Warwick Street, Tenterden Street and Eagle House, Old Street and one new management agreement at Merchant Square, Paddington. Existing leases on buildings in Vauxhall and Covent Garden have also been extended.

The Group’s overall trading performance has been strong with the Group’s Mature estate (excluding held for sale) maintaining its high occupancy levels with an average of 92.5% (2013: 87.5%) for the first half of the year at an average licence fee rate per square foot of £101.5 (2013: £99.2). Since the half year occupancy has been maintained at an average of 92.0% with rates averaging £107.0, both ahead of previous expectations.

New centres have also traded positively with occupancy levels averaging 89.4% (2013: 52.3%) and average rates of £141.1 per square foot (2013: £152.6), both ahead of expectations. Revenue for this segment will include the newly opened centres at Tenterden Street and Warwick Street from October 2014.

The Group’s new centre at Tenterden Street is adjacent to its existing centre at 17 Hanover Square. The Group’s existing management agreement at 17 Hanover Square will be converted into a co-terminous c. 8 year lease and the two units will be combined and run as one building of c. 29,500 sq ft (currently c. 8,900) of space and c. 470 workstations (currently c. 120). This centre is expected to open in mid October 2014.

48 Warwick Street is located adjacent to Regent Street and the Group has signed a 10 year lease with the Crown Estate. The building will comprise approximately 33,000 square feet and 500 workstations and, having been substantially refurbished, has recently opened. Pre sales are running ahead of plan with 142 workstations pre sold at rates ahead of plan.

5 Merchant Square, Paddington comprises approximately 28,000 sq ft and 380 workstations in a newly constructed building close to Paddington mainline, underground and Crossrail stations. The company will be establishing this centre under a management agreement with the owner who is currently fitting out the centre on the Group’s behalf. This centre is expected to open in March 2015.

Eagle House is close to Old Street roundabout in the heart of ‘Tech City’. The building comprises approximately 26,000 sq ft of space and c. 400 workstations and is part of a mixed use development comprising retail, affordable accommodation and offices, commercial offices and ‘high-end’ residential with the Group taking all of the commercial office units.

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Key performance indicators

The key performance indicators by which management assess the performance of the Group are number of workstations under management, rate per workstation, revenue per occupied workstation and occupancy. The performance of the Group against these and a number of other criteria is shown below.

1 _{Includes Avanta from 1 January 2013.}

* Mature centres are those that were open on or before 31 December 2012. Those opened after this date are shown as new.

Actual

30 June 2014 Proforma

1

30 June 2013 Period on Period Movement %

Group Revenue £m 29.7 26.1 13.8%

See below for breakdown between Mature and New Centres.

Workstations – average in year 11,106 10,083 10.1%

This includes Managed Centres but excludes Closed Centres

Licence fee / occupied foot £ 98.7 87.7 12.5%

This excludes Managed Centres, Closed Centres and Associated Centres

REVPOW £ 6,663 6,179 7.8%

Revenue per Occupied Workstation. This excludes Virtual Office, Managed Centres, Closed Centres and Associated Centres revenue.

Occupancy % – average in year 87.3% 84.0% 3.9%

Adversely impacted by Held for Sale Centres. Mature Centres excluding held for sale centres up 5.0%. This excludes Managed Centres, Closed Centres and Associated Centres

Business Centre EBITDA £m 4.1 4.2 (2.4)%

Measures operational profit contribution by centres towards central costs

Adjusted Central Costs * £m 2.6 3.2 (18.8)%

Central costs are not allocated to centres.

*excludes share based payment £0.2m (June 2013: £nil)

Central Costs / Revenue % 8.8% 12.3% (28.5)%

Average lease length 6.8 6.8 0.0%

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4

Avanta Serviced Office Group plc. Interim Report & Accounts 2014. Performance assessment

The Group’s profit before tax for the period was £1.3m which included freehold revaluation profits of £1.1m net of deferred consideration payable to RBS, compensation fee on closure of 7 Hanover Square of £0.4m, share based payments of £0.2m and fair value amortisations of £0.4m. Excluding these items the Group made a profit before tax of £0.4m (2013: £1.3m loss). Earnings per share for continuing operations excluding these items were 1.52p (2013: 6.06p loss).

Reflecting in part the Group’s accounting policy for rent, the Group’s operating cash inflow for the period was £4.8m (2013: £0.2 outflow). At 30 June 2014 the Group had cash reserves of £11.8m (2013: £8.0m) with bank borrowings of £2.1m (2013: £6.1m). Net assets were £23.9m (2013: £10.5m) and net assets per share were 73.4p (2013: 52.4p).

Had the acquisition of Avanta completed on 1 January 2013, the comparative performance of the Group would have been as follows:

REVPOW – Revenue per occupied workstation REVPAW – Revenue per available workstation

1 _{The above figures have been adjusted to exclude a net gain on lease provisions £114k (Jun 2013: £nil; Dec 2013: £nil), share based}

payment expense £200k (Jun 2013: £nil; Dec 2013: £154k), acquisition costs of £nil (Jun 2013: £nil; Dec 2013: £624k), refinancing costs £nil (Jun 2013: £nil; Dec 2013: £164k), IT Termination payment £nil (Jun 2013: £nil; Dec 2013: £421k), positive gain on property revaluation £2,169k (Jun 2013: £182k; Dec 2013: £1,881k), gain on disposal of closed centres £415k (Jun 2013: £280k loss; Dec 2013: £529k loss), intangible assets amortisation £546k (Jun 2013: £nil; Dec 2013: £455k), deferred consideration payable to RBS £1,063k (Jun 2013: £nil, Dec 2013: £975k). The adjustments have been reclassified to exceptional items.

Unaudited June 2014Actual June 2013Proforma December 2013Proforma (Decrease)Increase / (Decrease)Increase /

REVPOW £6,607 £6,266 £6,238 £341 5.4%

REVPAW £5,683 £5,225 £5,180 £458 8.8%

Rate per square foot £97.8 £88.4 £88.8 £9.4 10.6%

Occupancy 86.2% 82.6% 83.0% 3.6% 4.4%

Average no centres 35 38 37 (3) (7.9)%

Average remaining lease length 6.8 6.7 6.3 0.1 1.5%

£’000 £’000 £’000 £’000 %

Revenue 29,662 26,117 52,947 3,545 13.6%

Adjusted gross profit1 _4,527 _4,201 _8,188 ₃₂₆ _7.8%

Adjusted EBITDA1 _2,036 _1,202 _2,644 ₈₃₄ _69.4%

Adjusted operating profit/(loss)1 ₅₁₀ ₍₂₈₃₎ ₍₅₃₅₎ ₇₉₃ _280.2%

Adjusting Profit/(loss) before tax

continuing operations1 415 (468) (882) 883 188.7%

Discontinued operations - (192) (921) 192 100.0%

Exceptional items1 ₈₈₉ ₍₁₂₃₎ _(1,421) _1,012 _822.8%

Profit/(loss) before tax 1,304 (783) (3,224) 2,087 266.5%

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The movements relating to Mature Centres (excluding those centres held for sale) and New Centres are shown below:

Mature (Excluding held for sale) Centres

The Mature segment includes Cavendish Square which has been transferred from the New segment. The December comparatives have been restated to take account of this.

New Centres

The New segment includes costs associated with Warwick Street from May 2014 together with the financial results of 17 Hanover Square as this will be joined with Tenterden Street from October 2014.

Unaudited June 2014Actual June 2013Proforma

Proforma December 2013

restated (Decrease)Increase / (Decrease)Increase /

REVPOW £7,223 £7,139 £7,066 £84 1.2%

REVPAW £6,674 £6,253 £6,248 £421 6.7%

Rate per square foot £101.5 £99.2 £98.2 £2.3 2.3%

Occupancy 92.5% 87.5% 88.4% 5.0% 5.7%

No centres 17 17 17 -

-Average remaining lease length 6.1 6.7 6.1 (0.6) (9.0)%

£’000 £’000 £’000 £’000 %

Revenue 20,650 19,276 38,780 1,374 7.1%

Gross profit 4,235 4,068 8,067 167 4.1%

EBITDA 4,005 3,956 7,841 49 1.2%

Operating profit 2,989 3,066 6,093 (77) (2.5)%

Unaudited June 2014Actual June 2013Proforma

Proforma December 2013

restated (Decrease)Increase / (Decrease)Increase /

REVPOW £7,847 £8,514 £8,491 (£667) (7.8)%

REVPAW £6,977 £5,244 £4,989 £1,733 33.0%

Rate per square foot £141.1 £152.6 £152.6 (£11.5) (7.5)%

Occupancy 89.4% 52.3% 56.2% 37.1% 70.9%

No centres 5 3 4 2 66.7%

Average remaining lease length 10.5 10.1 10.1 0.4 4.0%

£’000 £’000 £’000 £’000 %

Revenue 6,571 1,505 5,286 5,066 336.7%

Gross profit 35 (964) (2,069) 999 (103.6)%

EBITDA (17) (990) (2,184) 973 (98.3)%

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Operating Review and Financial Performance

(continued)

6

Financial review

During the period the Group sold its freehold properties at Harrow for £2.4m (a net profit of £0.3m), Beckenham for £5.1m (its carrying value), Hayes for £3.0m (a net profit of £0.5m) and Crawley for £1.1m (a net profit of £0.3m). Having exchanged contracts for these sales during the first half of the year, all these transactions excluding that for Beckenham have now completed. The total amount payable to RBS as its share of the profits is expected to be £3.3m and this will be paid following the completion of the sale of Beckenham. Subsequent to the period end, the Group repaid the balance of its debt with HSBC of £2.1m. Net of bank debt repayments the remaining property sales will add a further £1.7m in cash in the second half.

Outlook

Recent trading has been ahead of management expectations, primarily driven by a higher than expected occupancy levels and strong early sales at the Group’s new Warwick Street centre. Higher levels of occupancy are expected to continue in the short term before reverting to slightly lower long term trend levels. The two further centres that are expected to open towards the end of Q1 2015 are in good quality, growing, business districts of London and expected to do well.

The Group continues to assess a number of properties for further expansion within its core Central London market and expects to open three to four new centres per year going forward.

Daniel Taylor Alan Pepper Paul Alexander

Chairman Chief Executive Officer Chief Financial Officer 17 September 2014

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Consolidated Statement of Comprehensive Income

for the Six Months Ended 30 June 2014

Continuing operations 6 months to 30 June 2014 (unaudited) £’000 6 months to 30 June 2013 (unaudited) restated £’000 6 months to 31 December 2013 (audited) £’000 Revenue 29,662 7,004 30,548 Cost of Sales (24,979) (6,268) (26,671) Gross profit 4,683 736 3,877

Net gain from investment properties - 182 1,881

Net gain from held for sale assets 2,169 -

-Administrative expenses (4,349) (1,778) (7,096)

Profit / (loss) from operations 2,503 (860) (1,338)

Finance income - -

-Finance costs (1,199) (186) (1,485)

Profit / (loss) before income tax 1,304 (1,046) (2,823)

Income tax credit 65 - 168

Profit / (loss) from continuing operations 1,369 (1,046) (2,655)

Loss from discontinued operations - (115) (920)

Profit / (loss) for the period and total

comprehensive income 1,369 (1,161) (3,575)

Earnings per share:

Profit / (loss) from continuing operation

Basic 4.2p (5.2)p (10.5)p

Diluted 3.7p (5.2)p (10.5)p

Loss from discontinued operation

Basic - (0.6)p (3.6)p

Diluted - (0.6)p (3.6)p

Profit or (loss)

Basic 4.2p (5.8)p (14.1)p

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Consolidated Statement of Financial Position

as at 30 June 2014 30 June 2014 (unaudited) £’000 30 June 2013 (unaudited) £’000 31 December 2013 (audited) £’000 ASSETS Non current assets

Investment property - 8,337

-Property, plant & equipment 14,659 3,126 13,986

Goodwill & intangibles 17,323 1,294 17,882

Deferred Tax asset - 122

-31,982 12,879 31,868

Current assets

Inventories 74 164 74

Trade and other receivables 7,172 4,133 8,731

Cash and cash equivalents 11,836 7,957 8,388

19,082 12,254 17,193

Non-current assets held for sale 8,903 - 9,043

Total assets 59,967 25,133 58,104

EQUITY

Capital and reserves attributable to equity holders of the Company

Called up share capital 9,769 9,540 13,233

Share premium account 72 9,422 17,188

Reserves 14,071 (8,446) (8,206)

Total equity 23,912 10,516 22,215

LIABILITIES Non current liabilities

Borrowings 10 5,787 4,512

Provisions for liabilities 5,886 48 6,001

Trade and other payables 1 1,359 1

Deferred Tax liability 401 - 465

6,298 7,194 10,979

Current liabilities

Trade and other payables 27,552 7,035 24,439

Borrowings 2,235 388 471

29,757 7,423 24,910

Total liabilities 36,055 14,617 35,889

Total equity and liabilities 59,967 25,133 58,104

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Consolidated Statement of Changes in Equity

Attributable to equity holders of the company Share

Capital £’000

Share Premium

£’000 Reserves £’000 Total Equity £’000

Balance at 1 January 2013 9,540 9,422 (7,285) 11,677

Loss and total comprehensive income for the period - - (1,161) (1,161)

Balance at 30 June 2013 9,540 9,422 (8,446) 10,516

Balance at 1 July 2013 9,540 9,422 (8,446) 10,516

Loss and total comprehensive income for the period - - (2,414) (2,414)

Share based payment - - 154 154

Deferred share consideration in regard to Avanta acquisition - - 2,500 2,500

Issue of shares in the period 3,693 8,308 - 12,001

Share issue cost - (542) - (542)

Balance at 31 December 2013 13,233 17,188 (8,206) 22,215

Balance at 1 January 2014 13,233 17,188 (8,206) 22,215

Loss and total comprehensive income for the period - - 1,369 1,369

Share based payment - - 200 200

Conversion of share premium account1 _- _(17,188) _17,188

-Conversion of deferred shares1 _(3,520) _- _3,520

-Issue of shares in the period 56 72 - 128

Balance at 30 June 2014 9,769 72 14,071 23,912

1 _{On 29 January 2014 approval was obtained from the Companies Court to cancel and convert the Share Premium Account and Deferred}

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10 Consolidated Cash Flow Statement

6 months to 30 June 2014 (unaudited) £’000 6 months to 30 June 2013 (unaudited) £’000 12 months to 31 December 2013 (unaudited) £’000

(Loss) / profit before tax for the period 1,369 (1,161) (3,575)

Adjustment for:

Interest expense 116 151 292

Depreciation of plant and equipment 1,513 793 2,476

Amortisation of intangibles 560 - 479

(Decrease) / increase in dilapidation provision - 15

-Revaluation (gain) / loss on investment property - - (1,243)

Profit on disposal of investment property - (285) (638)

Revaluation (gain) / loss on held for sale assets (1,613) -

-Profit on disposal of held for sale assets (556) -

-Amortisation of bank loan arrangement costs 20 34 217

Provision for other financial liabilities 1,063 103 976

Share based payment 200 4 154

Income tax credit (64) - (168)

Operating cash flow before movement in working capital 2,608 (346) (1,030)

Decrease in inventories - 30 60

Decrease / (increase) in trade receivables 903 (717) 1,285

Decrease / (increase) in other current assets 896 (239) (2,685)

Increase in payables 541 1,035 4,069

Decrease in provisions (114) -

-Cash (used in) / generated from operations 4,834 (237) 1,699

Interest paid (187) (146) (315)

Income tax paid (650) -

-Net cash (used in) / from operating activities 3,997 (383) 1,384

Cash flows from investing activities

Purchases of plant and equipment (2,188) (1,106) (2,951)

Disposal of investment property - 7,000 7,938

Disposal of held for sale assets 4,246 -

-Acquisitions net of cash acquired - - (10,657)

Net cash (used in) / from investment activities 2,058 5,894 (5,670)

Cash flows from financing activities

Proceeds from issue of shares (net of issue costs) 128 - 11,459

Repayment of bank loan (2,818) (150) (1,350)

Finance lease capital repayments 83 (98) (129)

Net cash used in financing activities (2,607) (248) 9,980

Net (decrease) / increase in cash and cash

equivalents 3,448 5,263 5,694

Cash and cash equivalents at the beginning of the period 8,388 2,694 2,694

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Notes to the Interim Results

1. Basis of preparation

The financial information included in this half-yearly report has neither been audited nor reviewed pursuant to guidance issues by the Auditing Practices Board, and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts of Avanta Serviced Office Group plc for the year ended 31 December 2013 have been reported on by the company’s auditors and contained an unqualified audit opinion and have been delivered to the Registrar of Companies.

The half-yearly report has been prepared in accordance with the recognition and measurement principals of International Financial Reporting Standards (IFRSs) as endorsed by the European Union using accounting policies that were applied for the year ended 31 December 2013 and that are expected to be applied for the financial year ended 31 December 2014.

2. Revenue

Revenue is derived from the Group’s serviced office business including the serviced offices it manages on behalf of third parties.

3. Basic profit / (loss) per share – pence

June 2014 (unaudited) £’000 June 2013 (unaudited) restated £’000 December 2013 (audited) £’000

Number of shares used for calculating earnings per share (thousands)

Weighted average number of shares in issue (thousands) 32,520 20,068 25,328 Dilution due to share option schemes, warrants and

deferred shares (thousands) 4,589 1,392 4,401

Weighted average number of shares for diluted

earnings per share 37,109 21,460 29,729

Profit / (loss) attributable to equity holders

of the company 1,369 (1,161) (3,575)

Basic profit / (loss) per share (pence) 4.2 (5.8) (14.1)

Diluted profit / (loss) per share (pence) 3.7 (5.8) (14.1)

Profit / (loss) from continuing operations

attributable to equity holders of the company 1,369 (1,046) (2,655)

Basic profit / (loss) per share (pence) 4.2 (5.2) (10.5)

Diluted profit / (loss) per share (pence) 3.7 (5.2) (10.5)

Loss from discontinued operations

attributable to equity holders of the company - (115) (920)

Basic loss per share (pence) - (0.6) (3.6)

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Avanta Serviced Office Group plc. Interim Report & Accounts 2014. 3. Basic profit / (loss) per share – pence (continued)

As a result of the loss in period ending June 2013 and December 2013, all the options in issue were anti-dilutive.

On 21st August 2013, the Group consolidated every 30 ordinary shares into 1 ordinary share, therefore the June 2013 Earnings Per Share (EPS) comparative is reflected as post consolidation, pre consolidation EPS for June 2013 was 0.2p loss.

4. Income tax expense

5. Post balance sheet events

On 4 August 2014 the Group completed the sale of its building at Hayes for £3.0m. On 13 August 2014 the Group fully repaid the debt due to HSBC of £2.1m.

On 10 September 2014 the Group entered into a management agreement for a new property at 5 Merchant Square, Paddington, comprising approximately of 28,000 sq ft and 380 workstations. This is expected to open in March 2015.

On 15 September 2014 the Group completed the sale of its building at Crawley for £1.1m.

On 16 September 2014 the Group entered into an agreement to lease a new property at Eagle House, Shoreditch, compromising approximately of 26,000 sq ft and 390 workstations. This is expected to open in March 2015.

6. Information

This financial information was approved by the Board on 16 September 2014.

Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s head office at 22 Long Acre, Covent Garden, London, WC2E 9LY.

June 2014 (unaudited) £’000 June 2013 (unaudited) £’000 December 2013 (audited) £’000

Deferred tax expense 65 - 168

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Austin Friars

23 Austin Friars, London EC2N 2QP Beckenham

County House, 221-241 Beckenham Road, Beckenham BR3 4UF

Blackfriars – Fleet House

Fleet House, 8-12 New Bridge Street, London EC4V 6AL Blackfriars – Mermaid Business Centre

2 Puddle Dock, Blackfriars, London EC4V 3DB Bromley

Bank of America, 26 Elmfield Road, Bromley BR1 1WA Canary Wharf – Harbour Exchange

5 Harbour Exchange, Harbour Exchange Square, Canary Wharf E14 9GE

Cavendish Square

4 Cavendish Square, London W1G 0PG Charlotte Street

48-54 Charlotte Street, London W1T 2NS Covent Garden

22 Long Acre, Covent Garden, London WC2E 9LY Devonshire Square

9 Devonshire Square, London EC2M 4YF Dover Street

26 Dover Street, London W1S 4LY Ealing

52-53 The Mall, Ealing Broadway, London W5 3TA Euston

Evergreen House North, Grafton Place, Euston NW1 2DX Fetter Lane

1 Fetter Lane, London EC4A 1BR Hammersmith

1 Lyric Square, London W6 0NB

17 Hanover Square

17 Hanover Square, London W1S 1BN 20 Hanover Square

20 Hanover Square, London W1S 1JY Hemel Hempstead

Westside, London Road, Apsley, Hemel Hempstead HP3 9TD Holborn

31 Southampton Row, London WC1B 5HJ King William Street

18 King William Street, London EC2 7BP Lower Thames Street

10 Lower Thames Street, London EC3R 6EN Margaret Street

10 Margaret Street, London W1W 8RL Media Village, Great Titchfield St

131-151 Great Titchfield Street, London W1W 5BB North Row

25 North Row, London W1K 6DJ Reading

Dukesbridge House, 23 Duke Street, Reading RG1 4SA Sackville Street

25 Sackville Street, London W1S 3AX Vauxhall – Vintage House

36-37 Albert Embankment, Vauxhall, London SE1 7TL Victoria

83 Victoria Street, London SW1H 0HW Warwick Street

48 Warwick Street, London W1B 5AW

Our Centres

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