Portsmouth Technopole management is transferred in Acquisition Deal
Portsmouth Technopole management is transferred in Acquisition Deal
Fasset maintains core focus on regional Technology Parks
 |
|
SQW Group and regional technology parks operator, Fasset, which manages Langstone Technology Park and Portsmouth Technopole, today announced the completion of an agreement for Fasset’s business development operation to be purchased by SQW Group through its subsidiary, Oxford Innovation, a leading operator of innovation centres.
Fasset has decided to focus on growing its core business of facilities management for technology and business parks. The acquisition, which includes the management of Portsmouth Technopole, is intended to position Oxford Innovation to expand its innovation centre portfolio into a national network.
As well as providing premises and business support through innovation centres, Oxford Innovation assists early stage technology businesses to raise finance through its three business angel investment networks. The company also runs regional innovation advisory programmes including a £9 million programme designed to boost the growth of start-ups and mid-sized firms in the south west.
The deal will see a team of senior managers from Fasset, specialising in business development activity for new centres, join Oxford Innovation. Several innovation and business centres, including Portsmouth Technopole, will transfer from Fasset management to become part of the Oxford Innovation portfolio, which will increase to 14 centres housing over 400 start-up and growing companies in locations from Portsmouth to Yorkshire.
Chris Allington, formerly managing director for business development at Fasset, becomes managing director of the Oxford Innovation Centres business and a member of SQW Group’s executive board. Matt Harrington joins as commercial director and Dianne Heath joins as programme manager. All three will work closely with an expanded centre management group to grow the Oxford Innovation Centres business.
Portsmouth Technopole, the landmark building at the gateway to the City of Portsmouth, has been managed by Fasset on behalf of owner, Portsmouth Technopole Ltd, for eleven months. During that time, occupancy levels have increased to 82% - a record achievement that was recognised by the award of Achiever of the Year to centre manager, Stephen Brownlie, at the Portsmouth Business Awards in January.
The centre management team at the Technopole will also transfer to Oxford Innovation and all tenants have been informed of the change of operator which will not affect their businesses.
Gary Medlow, managing director for operations at Fasset, said: “This agreement had the unanimous backing of all parties involved. Fasset’s core expertise is in the operation of large scale technology parks and the delivery of facilities management services to our corporate clients and this is what we are going to focus on.”
Paul Bradstock, chairman of Portsmouth Technopole Ltd, said: “This agreement has our full endorsement. Supported by Chris Allington and Matt Harrington, the Technopole team has done an outstanding job of building up occupancy levels and reinvigorating the Technopole’s role at the heart of Portsmouth’s economy. We are delighted that Chris and Matt, together with their colleague, Dianne Heath, have decided to establish their southern base at the Technopole where they will be able to provide additional strategic input to enable the team to build on their success to date.”
Chris Green, chief executive officer of SQW Group, said: “I am confident that Chris Allington will prove to be an outstanding managing director of the Oxford Innovation Centres business division and we look forward to welcoming him and his team. The Fasset approach of developing innovation and managed business space that deliver commercial returns through close engagement with the economic development agenda is an excellent fit for Oxford Innovation.”
Chris Allington, incoming managing director of Oxford Innovation Centres, said: “Whilst I am sad to leave Fasset, I am also very excited by this opportunity to realise the substantial growth potential of the innovation centres network. The team at Oxford Innovation has developed an impressive portfolio of innovation centres and a strong brand. It is a privilege to have been asked to lead the combined organisation and to grow the Oxford Innovation Centres business into a national network.”
Fasset and Oxford Innovation will continue to collaborate on specific projects where Fasset will provide specialist support in facilities and construction management services to Oxford Innovation.
Oxford Innovation is headquartered in Oxfordshire, with additional innovation centres in Greater London, Berkshire, Gloucestershire, Northamptonshire, Portsmouth and Yorkshire.