New bank facility

Workspace Group PLC
22 July 2002


                         WORKSPACE PREPARES FOR GROWTH

                                    WITH NEW

                           £200 MILLION DEBT FACILITY

Workspace Group PLC ('Workspace'), the leading provider of flexible business
accommodation to small and medium sized enterprises ('SMEs') in London and the
South East, has announced that it has secured a £200 million loan facility from
Bradford & Bingley Plc. The funds will be used to repay an existing £115 million
loan and gives Workspace further resources for future property acquisitions,
whilst at the same time reducing the cost of debt.

Mark Taylor, Finance Director of Workspace said,

' The £85 million of new money raised by this facility combined with the £70
million raised earlier this year with NatWest provides the platform for the
Group's next phase of expansion. We see considerable acquisition opportunities
ahead, and we now have the resources to grow the scale of the business
significantly.

' We are delighted to have secured this new facility with Bradford & Bingley,
who have been lenders to the Group since 1995.'

Simon Wilkinson, Director of Commercial Property Finance of Bradford & Bingley
said,

' This new facility takes Bradford & Bingley's property lending to over £2bn and
is the largest commercial advance that the Group has made to date. The loan has
been structured to facilitate increased commitment, should Workspace require, as
its business expands.

                                     -ends-

Date: 22 July 2002

For further information:
Workspace Group PLC                     City Profile Group
Harry Platt, Chief Executive            Simon Courtenay
Mark Taylor, Finance Director           Ed Senior
020-7247-7614                           020-7448-3244
e-mail: [e-mail]       e-mail: [e-mail]
web: www.workspacegroup.co.uk

Bradford & Bingley Property Finance
Simon Wilkinson
Director of Property Finance
01274-554189
e-mail: [e-mail]




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