What Citibase does

Citibase is a UK-based flexible workspace operator founded in 1993 and headquartered at 140 Aldersgate Street, London. The company operates as a subsidiary of NewFlex, itself part of the Newable Group, and runs a network of 14+ business centres across London, North West England, Scotland, the South East and the West Midlands. Its core offerings comprise serviced and managed offices (fully furnished, all-inclusive monthly subscriptions with no long-term contracts), pay-as-you-go meeting room hire, and virtual office services including prestigious business addresses and telephone answering from £500 per month. A sub-brand, Citibase Local, extends the network into suburban and regional locations targeting businesses seeking shorter commutes and bundled access to London or Edinburgh meeting space.

The business generates revenue through four streams: recurring monthly subscriptions on serviced offices, usage-based meeting room hire, recurring virtual office subscriptions, and managed services contracts with building owners. Citibase monetises underutilised landlord stock by converting it into branded business centres under management agreements, sharing the resulting tenant occupancy revenue. Go-to-market combines direct channels (website office finder, phone sales on 08444 993 373, email) with a broker and commercial agent partner program paying 10% lifetime commission, plus inbound landlord partnerships led by Strategic Development Director Richard Axtell. Customer segments are primarily UK SMEs, startups and entrepreneurs on flexible short-term commitments, supported by a central sales team that handles approximately 5.3 million sq ft of annual demand.

Operationally, the company reported record EBITDA of £2m on a 15.2% operating margin in 2016, with the highest cash position of £4.3m and £5m of new business generated in the year. Customer retention exceeds 80%, with tenants frequently upgrading within the network. Citibase has continued to expand through new openings in Aberdeen (2019), Uxbridge (2019), Leeds (2019), Oxford (2020), Halesowen (2021) and London Lewisham (2023), alongside leadership appointments tied to scaling the managed office portfolio. CEO Steve Jude leads the business, which remains privately held within the Newable Group.

Name

Citibase

Legal name

Citibase Limited

Website

https://citibase.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

Citibase is a UK flexible workspace operator (founded 1993, London HQ, part of Newable Group) providing serviced offices, meeting rooms and virtual offices across 14+ UK centres. It serves SMEs and startups on short-term, all-inclusive subscriptions and also manages underutilised landlord office stock under management contracts.

Ownership category

akta.pro rank

Product category

Flexible Workspace / Serviced Offices

akta.pro primary industry

Conference Room & Meeting Services Support (BPABAEAE)

Keywords

• Flexible office space
• Serviced offices
• Virtual office services
• Meeting room hire
• Managed workspace

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Serviced Office Rental: Monthly rental income from fully furnished, managed office spaces. Customers pay a single transparent monthly fee covering utilities, cleaning, maintenance, business rates, and facilities. No long-term contracts required.
2. Meeting Room Hire: Room hire services available by the hour, half day, or full day with AV equipment, catering, and administrative support included.
3. Virtual Office Services: Business postal address and telephone answering services. Starting from £500 per month for postal mail service, with additional costs for telephone services.
4. Building Owner Management Contracts: Property management services for building owners, converting underutilised office space into cash-generating business centres. NewFlex/Citibase takes on operational responsibility while generating revenue from tenant occupancy.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

Citibase provides fully furnished, all-inclusive serviced office space on flexible short-term monthly contracts across a UK-wide network of business centres, with utilities, cleaning, internet, phone packages, and 24-hour access bundled into a single transparent fee. The company also offers hourly/daily meeting room hire with AV and catering, virtual office services providing business postal addresses and telephone answering, managed workspace solutions for building owners via its NewFlex parent, and the Citibase Local sub-brand of regional suburban workspaces.

Product overview

Citibase is a flexible workspace provider offering three core products: Serviced & Managed Offices (fully furnished office suites with all-inclusive pricing), Meeting Rooms (hourly/daily hire with AV and catering), and Virtual Offices (prestigious business address with telephone answering). These are complemented by the Citibase Local sub-brand targeting regional locations for shorter commutes, and an Office Finder platform for searching available spaces. The company operates multiple business centres across the UK including London, Scotland, North West England, West Midlands, and South East locations.

Differentiator

Problem solved

Functional benefit

Brands

• Citibase Local: A network of suburban office locations offering shorter commutes and affordable flexible workspace, with access to London or Edinburgh meeting spaces once a month.

Products and services

• Serviced & Managed Offices Fully furnished, ready-to-move-in office suites with utilities, cleaning, internet, phone packages, and 24-hour secure access included in a single transparent monthly fee. No long-term contracts required, designed for SMEs and startups needing flexible professional workspace.
• Meeting Rooms Flexible meeting room hire available by the hour, half day, or full day with AV equipment, catering and refreshments, and administrative support services for businesses needing professional meeting space on demand.
• Virtual Offices Provides a prestigious business postal address and dedicated telephone number answered in the business name, with professional receptionists, secretarial support, modern call transfer systems, and access to meeting room facilities, starting from £500 per month for postal mail service.
• Citibase Local Network of regional flexible workspace locations outside central business districts offering shorter commutes, free London or Edinburgh meeting space access once a month, bike parking, parking facilities, and state-of-the-art tea and coffee services for businesses seeking affordable workspace near employees' homes.
• Building Owner Management Contracts Property management services for building owners, converting underutilised office space into cash-generating business centres. NewFlex/Citibase takes on operational responsibility and generates revenue from tenant occupancy under management contracts.
• Office Finder Search tool enabling businesses to find and explore available office spaces across Citibase's UK-wide network of business centres.

Quantifiable outcome

• 80%+ customer retention rate with customers extending terms and staying for many years
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves13 records

Expansion highlights5 records

Emerging players

• Mindspace: Premium coworking and flexible office operator with UK presence in London. Targets similar SME and enterprise customers with design-led flexible workspaces, partially overlapping with Citibase's London portfolio at the higher end of the market.
• Huckletree: UK coworking and workspace operator focused on startup and scale-up communities in London and Manchester. Comparable to Citibase in serving startups and SMEs, but with a stronger community and events-driven positioning.

Direct peers

• Office Space in Town: UK serviced office operator with multiple London and regional locations offering flexible terms to SMEs. Comparable to Citibase in product mix (serviced offices, meeting rooms, virtual offices) and target customer, with a similar geographic focus on UK business hubs.
• Workspace Group: London-focused flexible office provider targeting SMEs with short, flexible leases across more than 60 locations. Closely comparable to Citibase in customer segment (SMEs/startups) and product offering, with similar all-inclusive pricing and geographic focus on UK business centres.
• BE Offices: London-centric serviced office operator providing flexible workspace, meeting rooms and virtual offices to SMEs. Directly comparable to Citibase in product offering, customer segment, and London-focused geographic strategy.
• Landmark Space: UK regional serviced office operator with locations outside London including Bristol, Cheltenham and other regional cities. Comparable to Citibase's Citibase Local strategy of providing flexible office space to SMEs outside the capital.
• Servcorp: Global serviced office and virtual office provider operating in prime city locations. Directly comparable to Citibase in the virtual office and serviced office product mix, with a comparable SME and entrepreneur target customer base.

Broad incumbents

• The Office Group (TOG): UK-based premium flexible workspace provider with 40+ buildings across London and major UK cities. Offers serviced offices, coworking and meeting rooms to SMEs and enterprise clients, overlapping significantly with Citibase's product offering but at higher price points.
• IWG (Regus): The world's largest flexible workspace operator running Regus, Spaces, HQ, and Signature brands with thousands of locations globally. Directly comparable to Citibase in offering serviced offices, meeting rooms and virtual offices to SMEs and enterprise clients, but at vastly greater scale.
• WeWork: Global coworking and flexible office operator with a strong UK presence. While WeWork targets a more enterprise-leaning customer base and offers a more design-forward product, it directly competes with Citibase for SME and startup tenants in major UK cities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Citibaseltd
• YouTubeyoutube.com/channel/UC6K_tjQjpyQ9DjGjSw8wb3A
• LinkedInlinkedin.com/company/citibase-plc
• Instagraminstagram.com/citibase

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Citibase