"I think if we had done it a couple of years later,
we would have missed the boat"

As Situu crystallises its remarkable Workthere rebrand, Dan Brown and Tom Leahy talk us through the inspiring journey behind Situu’s success, the game-changing Savills acquisition, and offer us an inside scoop at what’s next for Workthere. Dive into the full Interview below. 

Let’s start at the beginning. We know all 4 co-founders are ex-JLL. What were your previous roles, and how did you end up there?

Dan: We're both flex lifers, and this is going back a long, long, long way. I had long hair probably at the time. In 2007 I started as a broker at Free Office Search for a year or so and then I went to work for Landmark when they had, I think, four or five buildings in in the city, all that time ago before they were acquired by I2. I then went to JLL in 2012 to handle their flex transactions, which was a very new concept to everybody. I met Tom through JLL and then we started up during 2019/2020 leading to where we are today.

Tom: Yes, I mean, me also - from boy to man in flex. So, I started in Manchester in 2010 for Regus on a Grad Scheme, which was fantastic. Then I moved to London with Regus, and from there went to I2. Dan had already flown the nest at this point, at JLL already, and we were doing some big transactions together. Then joined Dan and Situu and never looked back.

Dan: We met Pete and Harry also through our jobs at JLL. Pete [Hall] and Harry [Murphy] were in a team called Unlimited at the time, which was within office agency. It was at the time when the tech sector was really booming, specifically around Farringdon, Clerkenwell and Old Street. So, they were targeting those sorts of tech companies and educating landlords on what was happening in the tech industry. There were a lot of synergies with what we did in Flex as a lot of those companies looking for lease space, were also looking for flex space. We used to collaborate and chat a lot.

What was the lightbulb moment for each of you to leave and set up Situu? 

Tom: It was probably more like a light bulb period. It was that time in the market where providers and operators were taking more and more space, and the space state was just growing exponentially. What we were seeing a lot at the time, particularly with Pete and Harry’s clients was that although they were talking to people about leases, they actually ended up taking something that was all inclusive. So, we thought to ourselves there's a real shift happening in how people are consuming real estate—with the same flexibility and ease we have in all other areas of our lives. We thought there’s really something here and began to ask ourselves: ‘Is there a place for an agency that focuses solely on this market?’ So, over a 6-12 month period, we realised that things were changing, and it felt like it was now or never.

Dan: We had a lot of calls with landlords and clients to discuss how we could participate in the sector and went through a huge learning process about the flex market—how it works, who the key players are, and how we could bring tenants and landlords together.

What individual strengths did each founder present to the business? What was the dynamic like between you all?

Dan: We all brought something slightly different to Situu. Pete and Harry's expertise in the leasehold market, combined with their forward-thinking approach from a tech perspective, was incredibly valuable for us. We wanted to start a consultancy business which could do flex, leasing and everything in between, so they were really helpful.  My own experience, working in a larger agency, starting a flex team, and having lots of clients in that world and speaking to lots of tenants. And Tom, you know, is a fantastic salesperson, and ran buildings for IWG. So we had that ops experience as well. We managed to have all our corners covered, from an expertise perspective, which is rare. From a day to day working perspective, we looked at things individually, and thought ‘right that person would be right for this job’, ‘this persons probably right for that job’ etc. It was really a two versus two scenario quite a lot, but the overriding part of that was as a four, and we supported each other quite a lot when need be. The dynamic just really worked.

Tom: I actually don't think I could have started a business on my own, having done it with other people. You've all got the same ambition and have people to pick each other up and drive each other, you know, that’s really something. People describe us as an old married couple…happily married, which is sometimes accurate.

What you all have managed to achieve is nothing short of amazing in such a short period of time. What would you say was the secret behind your fast growth and success?

Tom: I think, you know, we've spoken about the market and how things were definitely moving more flexibly, so timing was a factor for sure. I think if we had done it a couple of years later, we would have missed the boat. I think when we started, ‘managed’ options were in its infancy. There were businesses starting to productise self-contained floors and do the cross traditional, flex advisory thing so timing, yes. A lot of it was also luck and agility, you know, we made so many mistakes running Situu. But that was great. We had a proof of concept with our building in Soho within two or three months of starting and, that was through being able to make decisions, live and die by them. So, yeah, agility was a big key to success.

Dan: Just to add to that, I would say your recruitment – your team is absolutely paramount. We've recruited some of the best salespeople out of the sector. It's so important culturally, to have an atmosphere in the office which works, where everyone gets on. I would say this is so important for a small business. So, you know, having a really experienced team that all worked well together, was great. Kate Prior, who was the third employee at TOG in the early 2000s at the time is our puppet master in terms of enquiries that come into our business and has great relationships with the brokers. Also, Jodie, Holly, Mailat, they are all brilliant. Everyone knows Max on the broker side. It was a real face for us in the market. 

You started Situu at the beginning of 2020, and then the country went into lock down, how did you deal with this and how did it affect your business?

Dan: Our business was actually aided by it, because we had time to build something great. We made sure that we really used that time in a positive way, to build a product that was robust before we went to market which was really, really important. If we hadn't had that time, knowing myself and Tom’s nature and how we work, we would have just said ‘let’s go to market’.

Let’s talk about the Savills acquisition. What a life changing moment. How did this incredible deal come about?

Tom: We met with Savills periodically from the time of its inception to the deal being done. We have known Cal for a long time and the team. We were looking at our business planning at the start of 2023. This market was getting bigger, we had a ton of ambition, and we were assessing how we accelerate what we were doing. We just so happened to be speaking to Cal at the time, who created and grew a really successful business here with Workthere. Over lunch, we started talking about our businesses and the component parts and Cal was really keen to get into the managed market to really make Workthere a leader in that part of the market. So we agreed very quickly on the potential for a nice marriage between the two businesses.

Dan: The experience throughout was great, coming from our start-up it was really important to us that it was a good fit especially with all the team coming across, and everyone we met here was just great.

Tom: We were told all the way through the process that Savills pride themselves on having this entrepreneurial spirit, allowing people to run their business, within the business with the power, help and the support of one of the world's largest real estate consultancies. Savills have a Dragon's Den where people within the business can go pitch ideas and get funding from the business, so that’s a really good example of Savills putting their money where their mouth was. And that's exactly how it's been, as Dan said. We are a team of 20 or so and they ringfenced part of the sixth floor here at Margaret Street for us, because we wanted everyone to have a desk and know they have a home to come to every day. Everything that we asked for was okayed and given to us. So, yes, they have been incredible.

How did the decision come about to operate under Workthere, were you all sad to lose the ‘Situu’ name. Were there any other major changes?

Dan: Not really. The Workthere business has got a fantastic brand. Cal built something amazing since 2017. We have 11 offices across the world, and for us, it just gives us great credibility to move forward and really grow from where we were before. So yeah, for us, it was a proud moment for us to be joining the Workthere name 100%.

Can you give us insights into your future plans or current strategy?

Tom: One of the big things that we're looking at doing is expanding our offering. So, hopefully in the next few months, there'll be some announcements involving new recruits coming in. We're looking to upskill all parts of our business- on the landlord side, where we market and sell landlord space, on our broker side, and on our management arm. We definitely think there's an area of that market where landlords and asset holders love the idea, but don't have the expertise to run their own space, and it’s the same with tenants – they are happy to take space, but would rather have somebody else look after their occupation. 

Dan: The opportunity here to speak to different clients, landlord clients and tenant clients etc, – to really drive that is massive – it's going to give, and we use this phrase a lot, ‘a shot in the arm’ to push what we were doing before, forward.

For more things Situu, watch Dan Brown and Tom Leahy go head-to-head in a battle of brains, banter, and business in The Situu Smackdown.