Bowmark Capital, the mid-market private equity firm, has backed the buyout of The Instant Group, an independent flexible workspace provider, from MML Capital Partners.

Instant was founded in 1999 and provides alternative methods of office procurement and management, with a focus on flexible workspace and medium-term lease solutions. MML first backed the business in 2013, investing £16m (€18.1m) in a minority deal.

The group employs 250 people in 11 cities around the world and has delivered compound annual revenue growth of 30 per cent during the last four years. The business is led by chief executive Tim Rodber.

Flexible workspace has drawn increasing private equity interest. Earlier this month NVM Private Equity backed the £8.2m MBO of Flexioffices, a provider of office workplaces under licence agreements that are more focused than traditional leases.