Pall Mall Capital Advises on GBP 1 Million Fund Raising for Serviced Office Group Plc, Which has Also Completed its GBP 1.2 Million Acquisition of Bourne Financial Limited, Introduced by Pall Mall

Pall Mall's Second Deal with Serviced Office Group in Under 12 Months

LONDON, October 18, 2010 - Pall Mall, the cross border corporate finance advisor is pleased to
announce that it has successfully raised GBP 1 million for Serviced Office
Group Plc (SOG), the provider of flexible office space, by way of a
subscription of new ordinary shares at 3p. It coincides with the completion
of SOG's acquisition of Bourne Financial Limited, a provider of office space
and associated specialist services for financial services firms introduced by
Pall Mall.

This marks the second deal Pall Mall has advised on with SOG within the
last 12 months after raising just under GBP 900,000 in December 2009 from
Andrew Bourne, who has now folded his company into SOG as well. This is a
reflection of Pall Mall's senior led, long term relationship driven approach
to its clients, assisting them throughout their life cycle with various
corporate finance transactions such as capital raisings and M&A.

Investment

The investor in the GBP1million transaction is Westchester Capital Ltd,
the Finance and corporate services firm focused on property opportunities in
the UK. The transaction was led by Pall Mall's Senior Advisor Gerald Raingold
and included Richard Speak, an Executive Director and Thomas Brunner,
Analyst.

Acquisition

Pall Mall Capital is also very pleased to have introduced Bourne
Financial Management, an acquisition that is expected to complete in January
2011, for a total consideration of GBP 1.2 million. The acquisition will add a
further 350 work stations to the portfolio of SOG and its subsidiaries and
increase the total number of workstations to 4,142. It adds to the Group's
specialist knowledge of the IT and communication requirements for financial
institutions including investment banks and fund administrators.

Michael Kingshott, CEO of Serviced Office Group plc commented:

"We are very pleased to have raised this finance and completed
the exciting acquisition of Bourne Financial, both of which will help take
the business to its next stage. Once again very grateful to Pall Mall Capital
for the important part they played in ensuring all elements of both
transactions were completed successfully"

Gerald Raingold, Senior Advisor at Pall Mall Capital
commented:

"We are delighted assisting Serviced Office Group in raising
the finance as it will enable them to continue its strategy of building a
group wholly focused on addressing the needs of an ever evolving business
community. The investment by Westchester Capital underpins the strong
footprint of Serviced Office Group in their field and the growth path of the
company. The acquisition of Bourne Financial is clear evidence that Serviced
Office Group is making real progress on that path."

Notes to Editors

Pall Mall Capital is a cross border corporate finance advisor
specialising in delivering solutions in international transactions and
complex or disputed family situations. Headquartered in London, the Company
has offices and associates in France, Germany, South Africa and the USA. Pall
Mall has established itself as a leading specialist in advising on mergers,
acquisitions and capital raising for European mid market companies,
particularly those with disperse family ownership.

Pall Mall's broad ranging advisory services include all
aspects of M&A, public and private placements as well as corporate
structuring and restructuring situations. Additionally Pall Mall offers
services to source finance from all arenas of the capital markets, including
senior debt and subordinated products such as mezzanine finance through to
equity finance.

Pall Mall Capital has advised on a wide range of transaction
types, with values from EUR 50m to EUR 500m, and has completed in excess of
80 transactions since 2000, the majority of which have been cross border.

For further information

www.pallmallcapital.com

    For Further Enquiries

    Pall Mall Capital

    Gerald Raingold, Senior Advisor / Richard Speak, Director,
    Tel +44-(0)20-7518-7300
    Email: gerald.raingold@pallmallcapital.com /
    richard.speak@pallmallcapital.com

    Hudson Sandler

    Charlie Jack / Mark Gee
    Tel +44-(0)-207-7796-4133
    Email: cjack@hudsonsandler.com / mgee@hudsonsandler.com

For Further Enquiries: Pall Mall Capital, Gerald Raingold, Senior Advisor / Richard Speak, Director, Tel +44-(0)20-7518-7300, Email: gerald.raingold at pallmallcapital.com /
richard.speak at pallmallcapital.com; Hudson Sandler, Charlie Jack / Mark Gee,
Tel +44-(0)-207-7796-4133, Email: cjack at hudsonsandler.com / mgee at hudsonsandler.com