Deal: Australian business law firm Hall & Wilcox has advised Victory Offices Limited on its recently announced capital raising, which will strengthen the company’s balance sheet to manage the ongoing impact of COVID-19.

Victory Offices, a leader in Australia’s evolving flexible workspace industry, provides comprehensive serviced office packages and co-working spaces as an alternative to traditional office space.

Value: $15.3 million.

Area: Capital raising.

Key Players: The Hall & Wilcox team was led by partner John Hutchinson, with support from lawyers James Fisher, David Holland and Rebecca Kazzi. 

Deal significance: The company completed a $15 million capital raising which it says will put it in a stronger position than its competitors.

“We are delighted to have assisted Victory Offices’ recent capital raising which leaves the company [well positioned] as business conditions improve,” Mr Hutchinson commented.

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The equity raising involved a $15.3 million fully underwritten pro-rata non-renounceable entitlement offer.

Serviced office provider Victory was naturally impacted by COVID-19 but believes the impact is temporary.

“The equity raising announced today, alongside operational and [cost-saving] initiatives will position Victory Offices to overcome adversities associated with COVID-19 and current market conditions,” CEO Dan Baxter said.

“Additionally, with the return of occupancy to our serviced offices, virtual office facilities and flexible workspaces, we believe we will emerge in a stronger position relative to our competitors.”

Victory Offices believes COVID-19 does not spell the end of serviced offices.

Restrictions on gatherings meant companies had no choice but to operate remotely (also known as the spare room at home) and there is speculation such arrangements could be here to stay.