Full service marketing agency, Purpose Media has invested £450,000 in purchasing the office buildings it has previously been leasing.
Based in The Village Business Park on Maisies Way, South Normanton, Purpose Media already owned unit 14 and had been leasing units 16 and 18 for the last four years. The combined space now comprises 5,000 sq ft and incorporates a variety of collaborative workspaces, meeting rooms and recreational areas for staff.
As part of an ongoing strategy to create more inherent value, the purchase was originally planned to complete two years ago, but the initial uncertainty caused by COVID-19 outbreak meant the purchase was placed on the back burner. Business confidence, driven by the high demand for digital marketing expertise during, and since the pandemic, enabled the deal to be resurrected at the end of 2021 and it finally completed in February 2022.
Funding was provided through a commercial mortgage from NatWest bank arranged by Darren Wilkinson and legal advice was provided to Purpose Media shareholders Matt Wheatcroft and Tim Lenton by Ellis Fermor & Negus. Rob Spencer from FHP acted on behalf of the vendor, Gary Dutton from EIRP who was given legal advice by Brownejacobson.
Commenting on the purchase, Matt Wheatcroft said: “At a time when most businesses are downsizing office space we have invested in our future and in providing our staff and clients an attractive environment to meet and collaborate. Now that we own all the buildings, we plan to invest further by re-designing and fitting out the space to enable more hybrid styles of working and accommodate further growth in our team.”
Claudio Davanzo, creative director, added: “The world of design and marketing will continue to be exciting and evolutionary and I think Purpose Media will remain at the forefront of leading change. Having an attractive work place means we can retain and attract the best talent and offer a work balance that enables people to adapt their work style according to how they work best.”
