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27 October 2008

Your Space plc ('Your Space' or 'the Company')

Trading Update

Update and announcement of a further new centre in a prestigious location in Belfast 

Your Space plc is pleased to announce it has secured a further contract involving the extensive refurbishment of the centrally located Scottish Provident Building in Belfast. Once completed, the site will be occupied by the Company's serviced office division under an initial rent free period of 18 months. 

The prime city centre location of the building and its architectural significance within Belfast, along with the provision of managed office services, enable the Company to continue to offer a greater amount of high quality serviced offices in prestigious locations to businesses of all sizes on favourable terms. 

 

The Your Space directors envisage the impending refurbishment works to take 6 months to complete. This will create superior space over 6 floors comprising conference suites, meeting rooms, VIP space and individual offices of varying sizes all benefitting from newly installed, independently controlled air-conditioning plus the latest telephony and IT infrastructure. 

This is now the fourth substantial centre the Company has secured via its consultancy division, Your Space Solutions, since the start of the current financial year. The Belfast office will add a further quality centre to the Company's growing portfolio. This takes the current restoration / refurbishment order book to circa £8m and the serviced office business has the added advantage of beneficial rent free periods across the portfolio, which average 18 months. 

Demand for the Company's product and service offering remains strong as more and more businesses realise the benefits of an all inclusive package. As an example, the latest centre to open in August of this year was in the city centre of Manchester at St James Court. Sales and enquiries have been strong with the space being sold as fast as each phase of the project has been completed. The centre also enjoys its own private underground car park. This, coupled with the Company's free telephone call service, and complimentary concierge service, provides the Manchester office market with something quite unique. 

Your Space Solutions is also currently in negotiations with several landlords and institutions who own quality buildings in prime locations around the UK. The experience and skills of the contracts division enables the company to undertake specialist restoration work on these buildings on a fixed price, turnkey basis. The Company takes ownership of the planning and design functions as well as the implementation which creates savings for both the Company and the incumbent landlord. 

The Your Space model provides the Company with a long lease on a quality building in a prime location which has been refurbished to a Grade A specification for use as serviced offices / business hubs with the latest CISCO telephony and IT infrastructure. Landlords also benefit as they are able to unlock the value in their real estate with a known fixed cost for refurbishment in return for a long term income stream. 

More updated announcements will be made when appropriate.

For further information please contact:-

Steve Turton, Director, Your Space plc                        0151 229 1702

Sue Lace, Company Secretary, Your Space plc            0151 229 1703

Richard Hughes / Bobby Fletcher, Zeus Capital             0161 831 1512

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