ONSITES‘ transformation: relocation of headquarters, renaming, and equity increase

Three major changes happened in May 2019: The General Meeting of ONSITES decided to relocate headquarters from London to Varna, to modify the company name, and to increase equity.

There is no future without a past. Having said that, future-oriented companies invariably require an appropriate culture of change – a company-internal DNA – which observes current trends and contemporary movements at all times. Forecasting the potential future target state may help in finding a suitable way forward. A new target point is being aligned in order to transform the more distant future into the present and make it tangible for all team members. In light of Brexit and its potential political and economic implications for the years to come, the General Meeting of ONSITES found that remaining headquarters located in London was no longer an option. As a result, the General Meeting decided to relocate ONSITES’ headquarters to Varna. This decision entails even more positive effects for the company. Varna or Bulgaria in general, with its very good location factors, including advantages due to its membership in the European Union, its well-connected infrastructure, simple tax system, low level of taxation, manageable maintenance costs and qualified personnel, unfolds a high magnetic effect. Moreover, to an increasing extent, ONSITES keeps expanding its collaborations with universities at the Varna location in order to provide students with practical training besides their studies while generating new human capital for the future in the company.

The decision to relocate also coincided with the renaming of the company as ONSITES GROUP LTD, a name which reflects the company’s international orientation, good performance in terms of quality, innovation, service, and competitiveness. What is more, the company is now able to better bundle its processes, yet also its exchange of knowledge and innovative ideas, which means fundamentally higher flexibility, as well as savings of time and money.

In order to further strengthen the company’s equity ratio and be able to make other necessary investments in the projects to be implemented at the Varna location, equity capital has been increased through a Decision of the General Meeting. The entire process could be successfully completed during the first days of June 2019.