Workspace Group (WKP): Fix, Accelerate and Scale turnaround

This situation live

WKP Workspace Group

£677m · 330.8p · −18% since the first step

19 Nov 2025 · Early traction; occupancy still falling · +2% until the next step Our priority is to stabilise and rebuild occupancy.

18 Dec 2025 · New CFO named; handover timing pending · +8% until the next step Further updates on the timing of Dave's departure and Tom's commencement will be provided in due course.

19 Jan 2026 · New CEO appointed; CFO handover dates set · +0% until the next step Charlie Green will join as Chief Executive Officer on 2 February 2026.

21 Jan 2026 · Occupancy improving; new CEO due · −16% until the next step We look forward to welcoming our new CEO, Charlie Green, in early February as we accelerate the execution of our strategy.

17 Apr 2026 · New CEO repositioning; profit step down guided · −2% until the next step We look forward to providing more detail at our full year results in June.

8 May 2026 · Board defends strategy against Saba requisition · −3% until the next step The Board firmly believes in the strength of the Company's existing strategy and further detail will be provided at its Full Year Results on 10 June 2026.

22 May 2026 · Board defends strategy against widened Saba requisition · +0% until the next step the Board firmly believes in the strength of the Company's existing strategy and further detail will be provided at its Full Year Results on 10 June 2026.

10 Jun 2026 · Strategy update and FY results delivered · +4% until the next step We have a focused plan, a scalable platform and a clear strategic direction.

15 Jul 2026 · Execution begun; first quarter shows modest recovery · −1% until the next step We have begun low-risk, high-return investment in major improvements at four case study buildings.

15 Oct 2026 · Execution; Q2 occupancy dip, early pricing wins · −4% since We continue to execute our strategy.

Turnaround plan with targets

Fix, Accelerate and Scale turnaround

Execution; Q2 occupancy dip, early pricing wins

NOV18 Next: Half year results, rebrand and website launch in 25 days

Every step · 10

19 Nov 2025 Early traction; occupancy still falling – Our priority is to stabilise and rebuild occupancy. ↗
18 Dec 2025 New CFO named; handover timing pending – Further updates on the timing of Dave's departure and Tom's commencement will be provided in due course. ↗
19 Jan 2026 New CEO appointed; CFO handover dates set – Charlie Green will join as Chief Executive Officer on 2 February 2026. ↗
21 Jan 2026 Occupancy improving; new CEO due – We look forward to welcoming our new CEO, Charlie Green, in early February as we accelerate the execution of our strategy. ↗
17 Apr 2026 New CEO repositioning; profit step down guided – We look forward to providing more detail at our full year results in June. ↗
8 May 2026 Board defends strategy against Saba requisition – The Board firmly believes in the strength of the Company's existing strategy and further detail will be provided at its Full Year Results on 10 June 2026. ↗
22 May 2026 Board defends strategy against widened Saba requisition – the Board firmly believes in the strength of the Company's existing strategy and further detail will be provided at its Full Year Results on 10 June 2026. ↗
10 Jun 2026 Strategy update and FY results delivered – We have a focused plan, a scalable platform and a clear strategic direction. ↗
15 Jul 2026 Execution begun; first quarter shows modest recovery – We have begun low-risk, high-return investment in major improvements at four case study buildings. ↗
15 Oct 2026 Execution; Q2 occupancy dip, early pricing wins – We continue to execute our strategy. ↗

What is happening

Workspace Group: Fix, Accelerate and Scale turnaround – Execution; Q2 occupancy dip, early pricing wins. ['Execution; Q2 occupancy dip, early pricing wins']

In short: The turnaround began in November 2025 under CEO Charlie Green, who joined in February 2026. The 10 June 2026 results set a medium-term ambition of over £125m trading profit before interest. The Q2 update shows lower activity and a small rent roll fall, but early all-inclusive pricing wins above ERV. Furnished fit-outs begin, and Case Studies are due in H2 2027.
Announced: 19 Nov 2025 · Early traction; occupancy still falling
Latest: 15 Oct 2026 · Execution; Q2 occupancy dip, early pricing wins
Refurbishment: Salisbury House, Cargo Works, Edinburgh House and Centro Buildings begin major improvements
Stabilised rent roll: £109.7m, down 0.5% in Q2
Case Studies: Launch expected in second half of calendar 2027
Liquidity: £246m cash and undrawn facilities; pro forma LTV 36%
LTV: 35% pro forma on March 2026 valuation
Unfurnished pricing: All-inclusive pricing from September: 18 deals completed 8% above ERV, 18 under offer 14% above ERV
Furnished: 24 units being fitted out, delivery by December 2026; 100+ more in 2027; ~£1.5m investment
Rebrand: New brand and AI website launch in November; half year results 18 November 2026

What comes next

Half year results, rebrand and website launch (18 Nov 2026).

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