Medicash is eyeing expansion of its services and generating new income streams following the £12m purchase of its current home.
The cash plan provider has been leasing the third floor of the five floor 70,161sq ft mixed use One Derby Square building for the last 12 years.
It added that purchasing the entire office block located opposite the Liverpool One shopping area offered a “unique” opportunity to secure the business’ future with a permanent home and additional income streams.
Medicash was founded in Liverpool in 1871 and office space on the remaining four floors is occupied by 14 different tenants, including Exchange Chambers.
The company has been broadening its services to include health and wellbeing training and guidance with acquisitions such as its 2019 purchase of Health@Work and added the deal for One Derby Square gave the option to expand more easily to meet the changing needs of its business.
Since the end of the pandemic it has grown headcount from 96 employees at the start of 2022 to more than 125 employees today.
The deal, brokered by Worthington Owen, saw Medicash purchase the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square, and part of the Palace Capital Group.
The company has been renamed as One Derby Square Limited and is now a fully owned subsidiary of Medicash.
Sue Weir, chief executive of Medicash, said: “This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy.
“One Derby Square presents a tremendous opportunity for us to continue to expand our services, generate new income streams and better serve our existing and future customers for decades to come.
“Medicash remains committed to its mission of improving the health and wellbeing of individuals and organisations, and this acquisition is a testament to that commitment.
“We are thrilled to have completed this deal and look forward to delivering a healthy and sustainable workplace for all of our tenants.”
Mark Worthington, director at Worthington Owen, added: “This is a great investment for Medicash that will not only allow them to grow as a business but will generate a solid income stream over the years ahead.
“Having reviewed the market for opportunities to purchase, it was clear that One Derby Square was the best building for Medicash, and we were delighted to help broker the deal.”
HB&O, DSG and Hill Dickinson also acted as advisers during the procurement process, while Mason Owen and Hamlins acted for Palace Capital. In addition, CBRE will remain as building managers for One Derby Square and all its tenants.