Serviced office company Citibase will delay their proposed flotation until early in 2009. The company wanted to get listed on the AIM in the middle on this month but will wait until next year.
It is thought that the company will want to take up the opportunity to supply space to newly formed businesses, that people may be creating with their redundancy payoff. Despite the pessimism, during a downturn can be a good time to start a business as property prices are much lower and competitiveness is weakened.
The additional revenue raised will assist the company to increase the number of centres from 14 to over 40 within three years. The company plans to sell over 600,000 shares at 80p each. The firm was started by Ian Read and David Joseph in the early 1990′s