Apiary Capital backs Orega management buyout, targeting 50 UK sites by 2031
What's the deal? Private equity firm Apiary CapitalDealroom has a profile for this one. Try Dealroom → has taken a majority stake in OregaDealroom has a profile for this one. Try Dealroom →, backing a management buyout of the UK flexible workspace operator from its founders. The buyout is led by chief executive Alan Pepper, with chief financial officer Chris Toon, chief operating officer David Kinnaird, chief revenue officer Sophie Turnbull, and real estate director Ben Hutchen.
Who does what? Founded in 2001, Orega runs 25 centres across the UK — eight in London — covering around 675,000 sq ft and serving more than 10,000 customers. Apiary is a UK-based private equity firm that invests in owner-managed businesses.
Why now? The deal gives Orega's management greater control over its direction and funds expansion. Founders Zach Douglas and Paul Finch will stay on as investors, with Douglas moving from executive chair to a non-executive role.
What's the endgame? Orega plans to double its estate to 50 sites across the UK by 2031. It has opened or expanded nine locations in the past three years, including at 80 Strand, 51 Lime Street, and 70 Gracechurch Street, with its most recent opening at BrookfieldDealroom has a profile for this one. Try Dealroom →'s Citypoint in June 2026.
Why it works: Orega's model relies on management agreements with landlords and corporate occupiers rather than direct leases — a structure that now accounts for around 67% of flexible workspace deals, according to the company.
What they're saying: Pepper said the investment "marks the beginning of a new chapter for us, taking a successful founder-built business onto greater opportunities." Isabella Boman-Flavell, investment director at Apiary, said "the flexible office market is experiencing strong and sustained growth as businesses move away from rigid long-term leases."
The signal: The buyout rides a shift toward flexible workspace. CBREDealroom has a profile for this one. Try Dealroom → forecasts flexible space will account for 20% of London's office market by 2030, up from 12% today, with sector-wide growth projected at 8-10% annually through to 2031.
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