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Plexal launches affordable workspace for SMEs – with the average cost of establishing a business in 2022 increasing to £12k

  • New space in Shoreditch to cater to local entrepreneurs and small businesses in Hackney seeking affordable working space  
  • Opening comes amidst a challenging economic environment for SMEs – with 25% of the total operating costs for businesses going towards office hire

London, 1st November 2022 – Plexal, the innovation company and co-working space, has today opened a new office space in Shoreditch to support the growth of Hackney’s local business community.

Plexal Shoreditch will cater to the local entrepreneurs and small business owners seeking affordable and accessible office space – offering a pay-as-you-go workspace for £15 to Hackney residents and businesses.

The opening comes amidst a challenging economic environment for SMEs, with the average cost of establishing a business in 2022 at roughly £12,601, including 25% of the total cost going towards office hire.

Founders and small business owners in the UK are facing rising energy bills, growing operational costs and are lacking affordable working space to scale their companies.

According to recent research, 1 in 4 small businesses have had to increase their prices in 2022 to keep up with costs, while 30% are having to cut back on their energy usage to stay afloat.

In Hackney alone, there are over 20,000 registered businesses, across industries such as software development and business support services, and the new Plexal offices will aim to support the growing SME community in the borough and beyond.

Building on its original co-working space in the Here East campus in Stratford, Plexal has partnered with Hackney Council to offer flexible workspace and discounted rates for Hackney residents.

As part of the collaboration, Plexal has launched the ‘Grown in Hackney’ initiative – working closely with Hackney startups to fast-track their growth journey, including bespoke support  with product roadmap development, growth plans and recruitment.

Plexal has a track-record of supporting startups and scaleups on their growth journey, including running five DCMS-backed LORCA (London Office for Rapid Cybersecurity Advancement) startup accelerators to help cyber companies scale through finding the right partner, securing investment, gaining technical support, or getting their products to new markets.

On the back of joining Plexal’s programme, participants have successfully raised £270m in investment, generated £63m in revenue and created over 800 jobs.

In addition to supporting the East London entrepreneurial community, the Shoreditch space has also been strategically placed in close proximity to Plexal’s partner organisations and companies, including DCMS and Amazon Web Services.

Andrew Roughan, CEO of Plexal, commented: “Plexal’s mission of closing the gap through innovation and technology requires organisations – small and large, local and global, private and public – to work together. We’re delighted to be expanding on our premises in Stratford and offering even more support for local businesses and entrepreneurs, presenting a renewed opportunity for collaboration as they work alongside each other.

“Hackney has a thriving businesses community, but like the rest of the country, it’s facing a tumultuous time and exceptionally tough economic conditions. We want to make sure that founders with great ideas and growth potential are given all the tools to succeed – and affordable space that creates more efficient companies and enables them to scale is a key piece of that puzzle.”