Iconic Offices, the Irish flexible workspace provider founded by Joe McGinley, is turning to Deloitte to help it raise funds for European expansion.

The firm’s five-year expansion plan involves it growing its available workspace by 538,000 sq. ft, comprising some 7,000 workstations. Iconic is also hoping to create 100 jobs over the next five years.

Founded in 2013, Iconic operates 15 locations in Dublin, with the trendy, well-specced spaces ranging from one to 500 desks. Among its most recent locations, The Greenway opened its doors near St Stephen’s Green in December 2017. It offers over 31,000 sq. ft of shared co-working spaces, dedicated desks, office suites, meeting and event spaces, spanning over six floors and housing up to 500 people.

In 2017, the firm doubled the square feet in Dublin to 250,000, housing up to 2,500 workers. Iconic Offices sourced €4m in debt funding from private equity lender BlueBay Ireland in 2017. It also raised €150,000 through peer-to-peer lender Linked Finance.

Last month, The Victorians, located on Earlsfort Terrace, Dublin 2, became the first Iconic Offices building to open its doors in 2018. Built in 1881, the property spans five floors across four Victorian redbrick buildings, housing up to 260 workers. Another space in Dublin 8, extending to 70,000 sq. ft, is scheduled to open in Q3.

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CFO Brian Kelly  said that the company had a 500% increase in EBITDA run rate within six months following the drawdown of its €4 million debt facility. This has led to the doubling of Iconic’s Dublin headcount to over 50 people, as well as increasing the total number of workstations to in excess of 2,000.

“This capital raise will give us a strong platform to continue our growth trajectory while delivering the next generation of flexible workspace both at home and abroad,” Kelly added.

CEO Joe McGinley commented: “The capital injection will transform the business and see Iconic Offices reach its full potential, and allow us to add lots of new talent to the company.”

Photo: Joe McGinley (left) and Brian Kelly