Rosebank Workspace Business Plan — Management and Organisation

The central and centre-level establishment required to run a three-site platform.

Section 14 of 29

Management and Organisation

Jump to section

A six-person head office at close growing to seven by FY2031, supporting eighteen centre staff, central overhead falls from 65% of revenue to 14.6% without a proportionate increase in headcount.

13.1 Organisational structure

Table 39 Head office structure and headcount

Role	FY2027	FY2028	FY2029	FY2030	FY2031	Principal accountabilities
Managing director	1	1	1	1	1	Strategy, capital, landlord relationships, board
Operations director	1	1	1	1	1	Centre performance, fit-out delivery, service standards
Business development manager	1	2	2	2	2	Enterprise sales, broker relationships, pipeline
Finance manager	1	1	1	1	1	Reporting, treasury, covenant compliance, tax
Marketing manager	–	–	1	1	1	Brand, digital demand generation, content
Finance and administration officer	1	1	1	1	1	Billing, collections, payables, payroll
Group facilities manager	1	1	1	1	1	Multi-site maintenance, contractors, compliance
Head office headcount	6	7	8	8	8
Centre headcount	7	13	13	18	18
Total headcount	13	20	21	26	26
Revenue per employee	R0.64m	R1.55m	R2.25m	R2.37m	R2.82m

Head office headcount in the financial model is expressed as a cost-weighted equivalent of 4 to 7 full-time roles; the table above reflects the operational plan, with certain roles part-funded in their first year.

13.2 Key roles and required competencies

Table 40 Competency requirements for the four critical roles

Role	Required background	Why it matters to this plan
Managing director	Twelve or more years in commercial property, flexible workspace or hospitality operations, with direct experience of lease negotiation and a track record of raising and deploying capital	The lease terms secured at entry determine whether each centre is structurally profitable. This is the single highest-value activity in the business.
Operations director	Multi-site operations leadership in workspace, hospitality or retail; delivery of at least two fit-out projects above R10 million	Delivering three fit-outs on time and on budget, and holding service standards across three sites, is the operational core of the plan.
Business development manager	Corporate real estate, commercial broking or enterprise B2B services sales in Johannesburg, with an existing broker and corporate network	The ramp requires roughly one and a half suite signatures a month from month 2. An existing network shortens the first six months materially.
Finance manager	Chartered accountant or equivalent with covenant reporting, treasury and multi-entity experience	DSCR falls to 1.18× in FY2030. Covenant management and lender communication are live operational tasks, not compliance formalities.

13.3 Remuneration and incentives

Table 41 Remuneration framework

Level	Fixed	Variable	Equity	Variable measure
Managing director	Market median for a company of this scale	Up to 40% of fixed	Founder holding	EBITDA against budget (50%), blended occupancy (30%), DSCR compliance (20%)
Operations director	Market median	Up to 35% of fixed	Founder holding	Centre contribution against budget (40%), service standards (30%), fit-out delivery to time and budget (30%)
Business development manager	Market median	Uncapped commission	Share trust participation	Desks contracted, weighted for contract term and rate achieved against the card
Centre manager	Market median	Up to 25% of fixed	Share trust participation	Centre occupancy (40%), renewal rate (30%), member satisfaction (30%)
All permanent staff	Market median	13th cheque linked to group EBITDA	Share trust, vesting over 4 years	Group EBITDA threshold

The variable structure is weighted toward occupancy and renewal rather than revenue, because revenue can be bought with rate concession and occupancy cannot. The business development commission is deliberately weighted for rate achieved against the published card, so that a deal signed at a 10% discount earns materially less than one signed at the card rate.

13.4 Governance

Board of five: an independent non-executive chair, two founder directors and two investor-nominated directors. The board meets quarterly and on any occasion where a covenant is projected to be breached within two quarters.
Audit and risk committee chaired by an investor nominee, meeting twice a year and reviewing the covenant model, the insurance programme and the risk register.
Reserved matters requiring investor consent: any new lease commitment, any capital expenditure above R2 million outside approved budget, any borrowing outside the agreed facilities, any change to the rate card exceeding 5%, the appointment or removal of the managing director, and any single member contract exceeding 8% of a centre’s desks.
Monthly management reporting to the board within fifteen business days of month end, comprising the dashboard set out in Section 23, a covenant calculation and a rolling thirteen-week cash forecast.
Annual audit by a firm acceptable to the investor and the senior lender, appointed at financial close.

13.5 Key-person risk

The Company is materially dependent on the managing director and the operations director during the first twenty-four months. The plan mitigates this in three ways: key-person insurance of R8 million on each, held by the Company; documented processes for leasing, fit-out and sales handover from month 6; and a succession understanding under which the operations director assumes the managing director role on an interim basis if required. These measures reduce but do not remove the risk, and it is carried in the risk register at Section 16 as R8 with a residual rating of moderate.