Orega, one of the UK’s leading flexible workspace operators, has completed a management buyout backed by Apiary Capital, positioning the business for accelerated growth across the UK.
Apiary Capital, a UK-based private equity firm that specialises in supporting owner-managed businesses, is taking a majority stake in the business and funding a management buyout led by Orega CEO, Alan Pepper, together with Orega’s executive management team: Chris Toon (CFO), David Kinnaird (COO), Sophie Turnbull (Chief Revenue Officer) and Ben Hutchen (Real Estate Director).
Founders Zach Douglas and Paul Finch will remain investors in the business whilst Zach Douglas will step down from his position of Executive Chairman to become a Non-Executive Director.
The new investment from Apiary Capital will provide Orega with resources, expertise and governance to build further on its successful existing model, whilst giving it the ability to pursue significantly greater growth ambitions.
Established in 2001, Orega is one of the leading flexible workspace brands in the UK, offering stylish and modern spaces without the constraints of traditional leases. It is the UK’s leading provider of flexible workspace under Management Agreements.
The company has expanded rapidly in the last three years, opening or expanding in nine locations across the UK, including at 80 Strand in the West End, Ingenuity House in Birmingham, 51 Lime Street and 70 Gracechurch in the City of London. Its most recent acquisition has been at Brookfield’s iconic Citypoint in Central London, which opened in June 2026, together with its expansion at 20 Old Bailey, London EC4.
Orega now operates 25 centres across the UK, including eight in London, in partnership with landlords and corporate occupiers, comprising around 675,000 sq ft., offering high-end workspace to over 10,000 customers.
The outlook for the flexible office market is positive, with latest forecasts revealing growth at a compound annual growth rate of between 8 and 10% through to 2031.
This is further supported by Orega’s independent survey of landlord attitudes to flex space that reported over 81% of UK landlords, advisers, and asset managers are planning to increase their exposure to flexible workspace over the next three years.
In particular, the outlook for London is strong, with, CBRE forecasting that flexible space in London will increase to 20% of the office market by 2030, up from its current 12%.
Furthermore, aligning incentives between property owners and operators has become increasingly important – resulting in around 67% of flexible workspace deals in early 2025 beings structured through management agreements.
The new investment by Apiary will enable Orega to continue its growth plans with greater speed and scale, including expanding into new locations. The company aims to expand to 50 sites by 2031, with a continued focus on London, the other “big 6” UK cities, and some specific regional markets. It will continue to partner with landlords and corporate occupiers to provide flexible workspaces via management agreements; its specialism, in which it has more than 20 years of experience.
“This strategic investment marks the beginning of a new chapter for us, taking a successful founder-built business onto greater opportunities,” said Alan Pepper, CEO of Orega. “We are excited to partner with Apiary Capital which will back the management team to accelerate growth while preserving our entrepreneurial culture, customer focus and the long-term relationships with landlords and business occupiers that have defined our business to date.”
Isabella Boman-Flavell, Investment Director at Apiary, commented: “We are excited to be working with Alan and his team. The flexible office market is experiencing strong and sustained growth as businesses move away from rigid long-term leases to flexible options that are better suited to support hybrid teams and manage real estate risk. Based on its excellent reputation with both landlords and tenants, we believe Orega is well positioned to meet these evolving market needs. We look forward to supporting the management team through this next phase of growth.”
Orega was advised by Rothschild & Co (corporate finance), Pinsent Masons (legal), CIL (commercial due diligence) and Grant Thornton (vendor and tax due diligence).
Apiary Capital was advised by Alvarez & Marsal (corporate finance), Browne Jacobson (legal), Teneo (commercial due diligence), RSM (tax structuring), and Rothschild & Co (debt advisory).
