Operating leases relate to rental of office space. The Company entered into new lease obligations for office space in both 2017 and 2018. The lease obligations entered into are for a period of five years with a break clause after three years, with the exception of a lease entered into in 2018 which is for less than four years and has no break clause. All operating lease contracts contain clauses for market rental reviews on renewal. The Company’s subsidiary renewed its lease agreement for a period of two years. The Company and its subsidiary do not have an option to purchase the leased office at the expiry of the lease periods. Operating lease expense for the years ended December31, 2018, 2017 and 2016 was £0.2million, £0.2million and £0.2 million, respectively.