Avanta Founder Is Said in Talks to Raise Funds for New VentureBy
David Alberto is ‘talking to the market’ about fundraising
Management team includes former Afren director Galib Virani
David Alberto, the U.K. entrepreneur who founded Avanta Serviced Office Group Plc in 2004, is considering a preliminary plan to raise about 150 million pounds ($193 million) for a new company that will take advantage of demand in the flexible workspace industry, according to a letter seen by Bloomberg.
The company -- which doesn’t yet have a formal name -- would be advised by STJ Advisors if it pursues an initial public offering and would target a broad range of investors in the next 12 months, according to the letter, which was sent to potential backers. A representative for STJ didn’t have an immediate comment.
The discussions about various options are still at an early stage and Alberto said in an interview he’s “talking to the market,” declining to comment further until they progress. Alberto sold Avanta, which offers serviced offices, conference rooms and virtual meeting services, to Regus Group in 2015.
“The management team of the company is particularly focused on the following objectives: securing a long-term investor base of the company that would foster a broadly based liquid and orderly market, providing a strong foundation for future growth,” Alberto’s group said in the letter.
Alberto is putting together a management team for the new company, known as Avanta2, that includes Galib Virani, who will act as commercial director, according to the letter. Virani is a former associate director of oil producer Afren Plc, which filed for bankruptcy in 2015 amid a slump in crude prices.