Avanta Serviced Office Group
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- Marsha Richard
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1 Operating Review and Financial Performance Avanta Serviced Office Group Interim Report & Accounts 2014
2 Our Coverage Areas 19 M25 To Stansted Airport Heathrow Airport City Airport M25 To Gatwick Airport 1. Austin Friars 2. Beckenham 3. Blackfriars 4. Blackfriars (Mermaid) 5. Bromley 6. Canary Wharf 7. Cavendish Square 8. Charlotte Street 9. Covent Garden 10. Devonshire Square 11. Dover Street 12. Ealing 13. Euston 14. Fetter Lane 15. Great Titchfield Street (Media Village) 16. Hammersmith Hanover Square Hanover Square 19. Hemel Hempstead 20. Holborn 21. King William Street 22. Lower Thames Street 23. Margaret Street 24. North Row 25. Reading (Dukesbridge House) 26. Sackville Street 27. Vauxhall 28. Victoria 29. Warwick Street
3 Financial Highlights 6 months June months June 2013 Avanta Serviced Office Group plc. Interim Report & Accounts months December 2013 Revenue 29,662 7,004 30,548 Operating profit / (loss) 2,503 (860) (1,338) EBITDA 4,161 (152) 1,432 Adjusted EBITDA 1 2,036 (334) 329 New centres from 1 January 2013 (17) (1,196) (2,429) SOG operations as at 1 January ,057 4,162 Avanta operations as at 1 January ,680-2,836 Central costs (2,568) (1,195) (4,240) Profit / (loss) before tax from continuing operations 1,304 (1,046) (2,823) Total profit / (loss) before tax 1,304 (1,161) (3,743) Net assets 23,912 10,516 22,215 Net assets per share 73.4p 52.4p 68.6p Net cash 11,836 7,957 8,388 Net cash / (debt) at period end 9,591 1,782 3,405 1 Excludes a positive gain on property revaluation 2,169k (Jun 2013: 182k; Dec 2013: 1,881k), share based payment expense 200k (Jun 2013: nil; Dec 2013: 154k), acquisition costs of nil (Jun 2013: nil; Dec 2013: 624k), lease provisions 156k (Jun 2013: nil; Dec 2013: nil). 2 Includes management centres. 3 SOG EBITDA includes centres that are Closed 142k loss (June 2013: 574k profit, Dec 2013: 1,008k profit), Held for Sale 296k profit (June 2013: 582k profit, Dec 2013: 1,342k profit), Mature 410k profit (June 2013: 680k profit, Dec 2013: 1,291k profit) and those under Management 377k profit (June 2013: 221k profit, Dec 2013: 521k profit). Note that the Group s comparative results for the 6 months to June 2013 do not include the financial impact of the acquisition of Avanta Managed Offices Limited which completed on 29 July The results to December 2013 include the financial results of Avanta Managed Offices Limited for the 5 months from the completion of the acquisition. Chairman s Statement Daniel Taylor Chairman 17 September 2014 Since we last updated shareholders in May the business has traded well. Earnings for the first 6 months of the year are slightly ahead of expectations and reflect the combination of a healthy market environment and the benefits of having increased the scale of the business with the acquisition of Avanta last year. Our key performance indicators, highlighted below, are almost without exception improvements in operational terms over last year s proforma comparative; only Business Centre EBITDA has seen a slight negative variance, and this reflects a short term reduction in the number of centres, following our decision to accelerate disposal of our freeholds, thereby improving the quality of our property portfolio and strengthening our balance sheet. I am pleased to report that we have held our average lease length steady year to year, as we have signed and/or extended several leases in the period, and our growth plans are gathering speed. An ongoing challenge in the business is the natural attrition of remaining lease terms, and management has successfully tackled this issue and positioned us on the front foot as we seek to extend our average lease length. The new centre in Warwick St has opened this week and Tenterden St is due to open shortly. Furthermore, we are announcing today the signing of an agreement to enter into a new 15 year lease at Eagle House at Old Street, Tech City and together with the signing of a 10 year management agreement at Merchant Place in Paddington, we are adding a further 770 additional workstations to the 850 added with Warwick St and Tenterden St. Our average lease length will increase year on year as a result of signing Eagle House. The pipeline of new sites remains active, and we hope to have replaced the number of sites disposed of through the recent sale of our freeholds within the next months. Lease extensions and/or expansions are also being sought for those sites that are core to our business. Looking forward, all of the Group s freehold properties have now been sold, releasing cash to allow the Group to become debt free, fund expansion, and settle its outstanding obligations to RBS before the end of the year. Thus, the first true year of the Group s expansion strategy is on track with the signing of the four new sites mentioned above, and we are now actively considering new projects for 2015 openings. With underlying trading remaining positive and continued higher than expected levels of occupancy across the Group s mature estate, we now anticipate that the year will exceed current market expectations. Overall the Group remains well placed to take advantage of the current buoyant economy in London. 1
4 Operating Review and Financial Performance Organisational review The Group is engaged in the provision of short to medium term serviced office workspace and related services including virtual offices, meeting and conference room facilities and IT and telephony services. Following the successful integration of the Avanta business acquired in 2013, the Group has consolidated its business in line with its strategy of focusing on Central London. Four non-core centres have been closed and the Group has sold its remaining four freehold buildings; net of deferred consideration payable to RBS an additional profit of 1.1m will be achieved. Recent occupancy and average rates have been ahead of expectations and, following a delayed start due to the integration of Avanta, execution of the Group s expansion strategy is well under way. The Group has signed agreements or leases for three new buildings at Warwick Street, Tenterden Street and Eagle House, Old Street and one new management agreement at Merchant Square, Paddington. Existing leases on buildings in Vauxhall and Covent Garden have also been extended. The Group s overall trading performance has been strong with the Group s Mature estate (excluding held for sale) maintaining its high occupancy levels with an average of 92.5% (2013: 87.5%) for the first half of the year at an average licence fee rate per square foot of (2013: 99.2). Since the half year occupancy has been maintained at an average of 92.0% with rates averaging 107.0, both ahead of previous expectations. New centres have also traded positively with occupancy levels averaging 89.4% (2013: 52.3%) and average rates of per square foot (2013: 152.6), both ahead of expectations. Revenue for this segment will include the newly opened centres at Tenterden Street and Warwick Street from October The Group s new centre at Tenterden Street is adjacent to its existing centre at 17 Hanover Square. The Group s existing management agreement at 17 Hanover Square will be converted into a co-terminous c. 8 year lease and the two units will be combined and run as one building of c. 29,500 sq ft (currently c. 8,900) of space and c. 470 workstations (currently c. 120). This centre is expected to open in mid October Warwick Street is located adjacent to Regent Street and the Group has signed a 10 year lease with the Crown Estate. The building will comprise approximately 33,000 square feet and 500 workstations and, having been substantially refurbished, has recently opened. Pre sales are running ahead of plan with 142 workstations pre sold at rates ahead of plan. 5 Merchant Square, Paddington comprises approximately 28,000 sq ft and 380 workstations in a newly constructed building close to Paddington mainline, underground and Crossrail stations. The company will be establishing this centre under a management agreement with the owner who is currently fitting out the centre on the Group s behalf. This centre is expected to open in March Eagle House is close to Old Street roundabout in the heart of Tech City. The building comprises approximately 26,000 sq ft of space and c. 400 workstations and is part of a mixed use development comprising retail, affordable accommodation and offices, commercial offices and high-end residential with the Group taking all of the commercial office units. 2 Avanta Serviced Office Group plc. Interim Report & Accounts 2014.
5 Key performance indicators The key performance indicators by which management assess the performance of the Group are number of workstations under management, rate per workstation, revenue per occupied workstation and occupancy. The performance of the Group against these and a number of other criteria is shown below. Actual 30 June 2014 Proforma 1 30 June Includes Avanta from 1 January * Mature centres are those that were open on or before 31 December Those opened after this date are shown as new. Period on Period Movement % Group Revenue m % See below for breakdown between Mature and New Centres. Workstations average in year 11,106 10, % This includes Managed Centres but excludes Closed Centres Licence fee / occupied foot % This excludes Managed Centres, Closed Centres and Associated Centres REVPOW 6,663 6, % Revenue per Occupied Workstation. This excludes Virtual Office, Managed Centres, Closed Centres and Associated Centres revenue. Occupancy % average in year 87.3% 84.0% 3.9% Adversely impacted by Held for Sale Centres. Mature Centres excluding held for sale centres up 5.0%. This excludes Managed Centres, Closed Centres and Associated Centres Business Centre EBITDA m (2.4)% Measures operational profit contribution by centres towards central costs Adjusted Central Costs * m (18.8)% Central costs are not allocated to centres. *excludes share based payment 0.2m (June 2013: nil) Central Costs / Revenue % 8.8% 12.3% (28.5)% Average lease length % This excludes Closed Centres. Avanta Serviced Office Group plc. Interim Report & Accounts
6 Operating Review and Financial Performance (continued) Performance assessment The Group s profit before tax for the period was 1.3m which included freehold revaluation profits of 1.1m net of deferred consideration payable to RBS, compensation fee on closure of 7 Hanover Square of 0.4m, share based payments of 0.2m and fair value amortisations of 0.4m. Excluding these items the Group made a profit before tax of 0.4m (2013: 1.3m loss). Earnings per share for continuing operations excluding these items were 1.52p (2013: 6.06p loss). Reflecting in part the Group s accounting policy for rent, the Group s operating cash inflow for the period was 4.8m (2013: 0.2 outflow). At 30 June 2014 the Group had cash reserves of 11.8m (2013: 8.0m) with bank borrowings of 2.1m (2013: 6.1m). Net assets were 23.9m (2013: 10.5m) and net assets per share were 73.4p (2013: 52.4p). Had the acquisition of Avanta completed on 1 January 2013, the comparative performance of the Group would have been as follows: Actual Proforma Proforma Increase / Increase / Unaudited June 2014 June 2013 December 2013 (Decrease) (Decrease) REVPOW 6,607 6,266 6, % REVPAW 5,683 5,225 5, % Rate per square foot % Occupancy 86.2% 82.6% 83.0% 3.6% 4.4% Average no centres (3) (7.9)% Average remaining lease length % % Revenue 29,662 26,117 52,947 3, % Adjusted gross profit 1 4,527 4,201 8, % Adjusted EBITDA 1 2,036 1,202 2, % Adjusted operating profit/(loss) (283) (535) % Adjusting Profit/(loss) before tax continuing operations (468) (882) % Discontinued operations - (192) (921) % Exceptional items (123) (1,421) 1, % Profit/(loss) before tax 1,304 (783) (3,224) 2, % REVPOW Revenue per occupied workstation REVPAW Revenue per available workstation 1 The above figures have been adjusted to exclude a net gain on lease provisions 114k (Jun 2013: nil; Dec 2013: nil), share based payment expense 200k (Jun 2013: nil; Dec 2013: 154k), acquisition costs of nil (Jun 2013: nil; Dec 2013: 624k), refinancing costs nil (Jun 2013: nil; Dec 2013: 164k), IT Termination payment nil (Jun 2013: nil; Dec 2013: 421k), positive gain on property revaluation 2,169k (Jun 2013: 182k; Dec 2013: 1,881k), gain on disposal of closed centres 415k (Jun 2013: 280k loss; Dec 2013: 529k loss), intangible assets amortisation 546k (Jun 2013: nil; Dec 2013: 455k), deferred consideration payable to RBS 1,063k (Jun 2013: nil, Dec 2013: 975k). The adjustments have been reclassified to exceptional items. 4 Avanta Serviced Office Group plc. Interim Report & Accounts 2014.
7 The movements relating to Mature Centres (excluding those centres held for sale) and New Centres are shown below: Mature (Excluding held for sale) Centres Unaudited Actual June 2014 Proforma June 2013 Proforma December 2013 restated Increase / (Decrease) Increase / (Decrease) REVPOW 7,223 7,139 7, % REVPAW 6,674 6,253 6, % Rate per square foot % Occupancy 92.5% 87.5% 88.4% 5.0% 5.7% No centres Average remaining lease length (0.6) (9.0)% % Revenue 20,650 19,276 38,780 1, % Gross profit 4,235 4,068 8, % EBITDA 4,005 3,956 7, % Operating profit 2,989 3,066 6,093 (77) (2.5)% The Mature segment includes Cavendish Square which has been transferred from the New segment. The December comparatives have been restated to take account of this. New Centres Unaudited Actual June 2014 Proforma June 2013 Proforma December 2013 restated Increase / (Decrease) Increase / (Decrease) REVPOW 7,847 8,514 8,491 ( 667) (7.8)% REVPAW 6,977 5,244 4,989 1, % Rate per square foot ( 11.5) (7.5)% Occupancy 89.4% 52.3% 56.2% 37.1% 70.9% No centres % Average remaining lease length % % Revenue 6,571 1,505 5,286 5, % Gross profit 35 (964) (2,069) 999 (103.6)% EBITDA (17) (990) (2,184) 973 (98.3)% Operating loss (211) (1,025) (2,415) 814 (79.4)% The New segment includes costs associated with Warwick Street from May 2014 together with the financial results of 17 Hanover Square as this will be joined with Tenterden Street from October Avanta Serviced Office Group plc. Interim Report & Accounts
8 Operating Review and Financial Performance (continued) Financial review During the period the Group sold its freehold properties at Harrow for 2.4m (a net profit of 0.3m), Beckenham for 5.1m (its carrying value), Hayes for 3.0m (a net profit of 0.5m) and Crawley for 1.1m (a net profit of 0.3m). Having exchanged contracts for these sales during the first half of the year, all these transactions excluding that for Beckenham have now completed. The total amount payable to RBS as its share of the profits is expected to be 3.3m and this will be paid following the completion of the sale of Beckenham. Subsequent to the period end, the Group repaid the balance of its debt with HSBC of 2.1m. Net of bank debt repayments the remaining property sales will add a further 1.7m in cash in the second half. Outlook Recent trading has been ahead of management expectations, primarily driven by a higher than expected occupancy levels and strong early sales at the Group s new Warwick Street centre. Higher levels of occupancy are expected to continue in the short term before reverting to slightly lower long term trend levels. The two further centres that are expected to open towards the end of Q are in good quality, growing, business districts of London and expected to do well. The Group continues to assess a number of properties for further expansion within its core Central London market and expects to open three to four new centres per year going forward. Daniel Taylor Alan Pepper Paul Alexander Chairman Chief Executive Officer Chief Financial Officer 17 September Avanta Serviced Office Group plc. Interim Report & Accounts 2014.
9 Consolidated Statement of Comprehensive Income for the Six Months Ended 30 June 2014 Continuing operations 6 months to 30 June months to 30 June 2013 restated 6 months to 31 December 2013 (audited) Revenue 29,662 7,004 30,548 Cost of Sales (24,979) (6,268) (26,671) Gross profit 4, ,877 Net gain from investment properties ,881 Net gain from held for sale assets 2, Administrative expenses (4,349) (1,778) (7,096) Profit / (loss) from operations 2,503 (860) (1,338) Finance income Finance costs (1,199) (186) (1,485) Profit / (loss) before income tax 1,304 (1,046) (2,823) Income tax credit Profit / (loss) from continuing operations 1,369 (1,046) (2,655) Loss from discontinued operations - (115) (920) Profit / (loss) for the period and total comprehensive income 1,369 (1,161) (3,575) Earnings per share: Profit / (loss) from continuing operation Basic 4.2p (5.2)p (10.5)p Diluted 3.7p (5.2)p (10.5)p Loss from discontinued operation Basic - (0.6)p (3.6)p Diluted - (0.6)p (3.6)p Profit or (loss) Basic 4.2p (5.8)p (14.1)p Diluted 3.7p (5.8)p (14.1)p Avanta Serviced Office Group plc. Interim Report & Accounts
10 Consolidated Statement of Financial Position as at 30 June June June December 2013 (audited) ASSETS Non current assets Investment property - 8,337 - Property, plant & equipment 14,659 3,126 13,986 Goodwill & intangibles 17,323 1,294 17,882 Deferred Tax asset ,982 12,879 31,868 Current assets Inventories Trade and other receivables 7,172 4,133 8,731 Cash and cash equivalents 11,836 7,957 8,388 19,082 12,254 17,193 Non-current assets held for sale 8,903-9,043 Total assets 59,967 25,133 58,104 EQUITY Capital and reserves attributable to equity holders of the Company Called up share capital 9,769 9,540 13,233 Share premium account 72 9,422 17,188 Reserves 14,071 (8,446) (8,206) Total equity 23,912 10,516 22,215 Liabilities Non current liabilities Borrowings 10 5,787 4,512 Provisions for liabilities 5, ,001 Trade and other payables 1 1,359 1 Deferred Tax liability ,298 7,194 10,979 Current liabilities Trade and other payables 27,552 7,035 24,439 Borrowings 2, ,757 7,423 24,910 Total liabilities 36,055 14,617 35,889 Total equity and liabilities 59,967 25,133 58,104 8 Avanta Serviced Office Group plc. Interim Report & Accounts 2014.
11 Consolidated Statement of Changes in Equity for the Six Months Ended 30 June 2014 Attributable to equity holders of the company Share Capital Share Premium Reserves Total Equity Balance at 1 January ,540 9,422 (7,285) 11,677 Loss and total comprehensive income for the period - - (1,161) (1,161) Balance at 30 June ,540 9,422 (8,446) 10,516 Balance at 1 July ,540 9,422 (8,446) 10,516 Loss and total comprehensive income for the period - - (2,414) (2,414) Share based payment Deferred share consideration in regard to Avanta acquisition - - 2,500 2,500 Issue of shares in the period 3,693 8,308-12,001 Share issue cost - (542) - (542) Balance at 31 December ,233 17,188 (8,206) 22,215 Balance at 1 January ,233 17,188 (8,206) 22,215 Loss and total comprehensive income for the period - - 1,369 1,369 Share based payment Conversion of share premium account 1 - (17,188) 17,188 - Conversion of deferred shares 1 (3,520) - 3,520 - Issue of shares in the period Balance at 30 June , ,071 23,912 1 On 29 January 2014 approval was obtained from the Companies Court to cancel and convert the Share Premium Account and Deferred Shares into distributable reserves. Avanta Serviced Office Group plc. Interim Report & Accounts
12 Consolidated Cash Flow Statement for the Six Months Ended 30 June months to 30 June months to 30 June months to 31 December 2013 (Loss) / profit before tax for the period 1,369 (1,161) (3,575) Adjustment for: Interest expense Depreciation of plant and equipment 1, ,476 Amortisation of intangibles (Decrease) / increase in dilapidation provision Revaluation (gain) / loss on investment property - - (1,243) Profit on disposal of investment property - (285) (638) Revaluation (gain) / loss on held for sale assets (1,613) - - Profit on disposal of held for sale assets (556) - - Amortisation of bank loan arrangement costs Provision for other financial liabilities 1, Share based payment Income tax credit (64) - (168) Operating cash flow before movement in working capital 2,608 (346) (1,030) Decrease in inventories Decrease / (increase) in trade receivables 903 (717) 1,285 Decrease / (increase) in other current assets 896 (239) (2,685) Increase in payables 541 1,035 4,069 Decrease in provisions (114) - - Cash (used in) / generated from operations 4,834 (237) 1,699 Interest paid (187) (146) (315) Income tax paid (650) - - Net cash (used in) / from operating activities 3,997 (383) 1,384 Cash flows from investing activities Purchases of plant and equipment (2,188) (1,106) (2,951) Disposal of investment property - 7,000 7,938 Disposal of held for sale assets 4, Acquisitions net of cash acquired - - (10,657) Net cash (used in) / from investment activities 2,058 5,894 (5,670) Cash flows from financing activities Proceeds from issue of shares (net of issue costs) ,459 Repayment of bank loan (2,818) (150) (1,350) Finance lease capital repayments 83 (98) (129) Net cash used in financing activities (2,607) (248) 9,980 Net (decrease) / increase in cash and cash equivalents 3,448 5,263 5,694 Cash and cash equivalents at the beginning of the period 8,388 2,694 2,694 Cash and cash equivalents 11,836 7,957 8, Avanta Serviced Office Group plc. Interim Report & Accounts 2014.
13 Notes to the Interim Results for the Six Months Ended 30 June Basis of preparation The financial information included in this half-yearly report has neither been audited nor reviewed pursuant to guidance issues by the Auditing Practices Board, and does not constitute statutory accounts within the meaning of section 434 of the Companies Act The statutory accounts of Avanta Serviced Office Group plc for the year ended 31 December 2013 have been reported on by the company s auditors and contained an unqualified audit opinion and have been delivered to the Registrar of Companies. The half-yearly report has been prepared in accordance with the recognition and measurement principals of International Financial Reporting Standards (IFRSs) as endorsed by the European Union using accounting policies that were applied for the year ended 31 December 2013 and that are expected to be applied for the financial year ended 31 December Revenue Revenue is derived from the Group s serviced office business including the serviced offices it manages on behalf of third parties. 3. Basic profit / (loss) per share pence June 2014 June 2013 restated December 2013 (audited) Number of shares used for calculating earnings per share (thousands) Weighted average number of shares in issue (thousands) 32,520 20,068 25,328 Dilution due to share option schemes, warrants and deferred shares (thousands) 4,589 1,392 4,401 Weighted average number of shares for diluted earnings per share 37,109 21,460 29,729 Profit / (loss) attributable to equity holders of the company 1,369 (1,161) (3,575) Basic profit / (loss) per share (pence) 4.2 (5.8) (14.1) Diluted profit / (loss) per share (pence) 3.7 (5.8) (14.1) Profit / (loss) from continuing operations attributable to equity holders of the company 1,369 (1,046) (2,655) Basic profit / (loss) per share (pence) 4.2 (5.2) (10.5) Diluted profit / (loss) per share (pence) 3.7 (5.2) (10.5) Loss from discontinued operations attributable to equity holders of the company - (115) (920) Basic loss per share (pence) - (0.6) (3.6) Diluted loss per share (pence) - (0.6) (3.6) Avanta Serviced Office Group plc. Interim Report & Accounts
14 3. Basic profit / (loss) per share pence (continued) As a result of the loss in period ending June 2013 and December 2013, all the options in issue were anti-dilutive. On 21st August 2013, the Group consolidated every 30 ordinary shares into 1 ordinary share, therefore the June 2013 Earnings Per Share (EPS) comparative is reflected as post consolidation, pre consolidation EPS for June 2013 was 0.2p loss. 4. Income tax expense June 2014 June 2013 December 2013 (audited) Deferred tax expense Post balance sheet events On 4 August 2014 the Group completed the sale of its building at Hayes for 3.0m. On 13 August 2014 the Group fully repaid the debt due to HSBC of 2.1m. On 10 September 2014 the Group entered into a management agreement for a new property at 5 Merchant Square, Paddington, comprising approximately of 28,000 sq ft and 380 workstations. This is expected to open in March On 15 September 2014 the Group completed the sale of its building at Crawley for 1.1m. On 16 September 2014 the Group entered into an agreement to lease a new property at Eagle House, Shoreditch, compromising approximately of 26,000 sq ft and 390 workstations. This is expected to open in March Information This financial information was approved by the Board on 16 September Copies of this interim report are being sent to all of the Company s shareholders. Further copies can be obtained from the Company s head office at 22 Long Acre, Covent Garden, London, WC2E 9LY. 12 Avanta Serviced Office Group plc. Interim Report & Accounts 2014.
15 Our Centres Austin Friars 23 Austin Friars, London EC2N 2QP Beckenham County House, Beckenham Road, Beckenham BR3 4UF Blackfriars Fleet House Fleet House, 8-12 New Bridge Street, London EC4V 6AL Blackfriars Mermaid Business Centre 2 Puddle Dock, Blackfriars, London EC4V 3DB Bromley Bank of America, 26 Elmfield Road, Bromley BR1 1WA Canary Wharf Harbour Exchange 5 Harbour Exchange, Harbour Exchange Square, Canary Wharf E14 9GE Cavendish Square 4 Cavendish Square, London W1G 0PG Charlotte Street Charlotte Street, London W1T 2NS Covent Garden 22 Long Acre, Covent Garden, London WC2E 9LY Devonshire Square 9 Devonshire Square, London EC2M 4YF Dover Street 26 Dover Street, London W1S 4LY Ealing The Mall, Ealing Broadway, London W5 3TA Euston Evergreen House North, Grafton Place, Euston NW1 2DX Fetter Lane 1 Fetter Lane, London EC4A 1BR 17 Hanover Square 17 Hanover Square, London W1S 1BN 20 Hanover Square 20 Hanover Square, London W1S 1JY Hemel Hempstead Westside, London Road, Apsley, Hemel Hempstead HP3 9TD Holborn 31 Southampton Row, London WC1B 5HJ King William Street 18 King William Street, London EC2 7BP Lower Thames Street 10 Lower Thames Street, London EC3R 6EN Margaret Street 10 Margaret Street, London W1W 8RL Media Village, Great Titchfield St Great Titchfield Street, London W1W 5BB North Row 25 North Row, London W1K 6DJ Reading Dukesbridge House, 23 Duke Street, Reading RG1 4SA Sackville Street 25 Sackville Street, London W1S 3AX Vauxhall Vintage House Albert Embankment, Vauxhall, London SE1 7TL Victoria 83 Victoria Street, London SW1H 0HW Warwick Street 48 Warwick Street, London W1B 5AW Hammersmith 1 Lyric Square, London W6 0NB Call us now on or us at info@avanta.co.uk
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