IWG plc

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IWG plc
TypePublic
LSEIWG
IndustryFacility Management and Business Support Services
Founded1989, Brussels, Belgium
HeadquartersSaint Helier, Jersey (Registered Office)
Luxembourg City, Luxembourg (Head Office)
Key people
Douglas Sutherland, Chairman
Mark Dixon, CEO
ProductsServiced Offices, Virtual Offices, Workplace Recovery
RevenueDecrease £2,480.2 million (2020)[1]
Decrease £(352.0) million (2020)[1]
Decrease £(646.8) million (2020)[1]
Websitewww.iwgplc.com
Regus Austria, Vienna

IWG plc, formerly Regus, is a multinational corporation that provides serviced offices to clients on a contract basis. Founded in Brussels, Belgium in 1989,[2] the business is incorporated in Saint Helier, Jersey. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[3]

History[edit]

The company was founded as "Regus" by English entrepreneur Mark Dixon with the objective of providing flexible office space to customers in Brussels in 1989.[4] In 1994 Regus entered Latin America with a center in São Paulo and Asia with its first center in Beijing.[2] The company completed a successful IPO on the London Stock Exchange in 2000.[5]

In 2001 it acquired Stratis Business Centers, a U.S.-based network of franchised business centers.[6] Later in 2001 the Regus business center on the 93rd floor of South Tower at the World Trade Center was destroyed during the 9/11 attacks; five employees lost their lives.[7] The company was criticized for a lack of response to the victims' families, though a Regus official said they had made "proactive outreach to every family of the team members who are missing."[8]

In 2002 the company sold a controlling stake (58%) of its cornerstone UK business to Rex 2002 Limited, a company created by the private equity firm Alchemy Partners.[9] This move raised £51 million for the company,[10] which had been facing severe financial difficulties.[9] In 2003 Regus filed for Chapter 11 bankruptcy protection for its U.S. business, which had been struggling in the wake of the dot-com bubble.[11] A year later it took its U.S. business out of Chapter 11 after restructuring,[12] financed by its share of the profitable UK business.[11]

The company acquired HQ Global Workplaces, workplace provider based in the U.S. in 2004.[13] It re-acquired the Regus UK business in 2006 for £88 million.[10] The company went on to acquire Laptop Lane, a chain of American airport business centers, later that year.[14] In 2006 the company entered partnerships with Air France-KLM and American Airlines for preferred access for business travelers and in 2007 it entered a partnership with American Express for preferred access for their Business Platinum cardholders.[15]

In 2007 Regus opened business centers in Bulgaria and the middle east.[16] In June 2008 Regus introduced Businessworld, a multi-level membership service for flexible access to its services in any of its locations.[17] Effective October 14, 2008, Regus Group plc became Regus plc. Regus plc was created as a holding company for Regus Group plc, to establish the company's headquarters in Luxembourg and its registered office in Jersey.[18] Regus has maintained a policy of expansion, opening new business centers.[19] It has also renegotiated some leasing agreements with property owners in the UK to save money, warning owners that the vehicles holding the leases could go into administration (bankruptcy); this has angered the British property industry.[20]

A Regus Hotel and Conference Centre near Dartford

On 5 July 2012 UK Prime Minister David Cameron announced that Regus would provide 30,000 young entrepreneurs across England with access to its network of offices, complementing the Government's StartUp Loans scheme managed by James Caan.[21] On 19 February 2013 the firm took control of MWB BE, a large UK-based serviced office provider with a £65.6m cash bid.[22]

In December 2016, under a scheme of arrangement, the company established a new holding company IWG (International Workplace Group) and announced its intention to move its base outside the European Union referring to the "increasingly complex legislative environment".[23]

Operations and services[edit]

As of 2019, IWG has approximately 3,000 coworking spaces in around 120 countries.[24][25]

See also[edit]

References[edit]

  1. ^ a b c "Annual Report 2020" (PDF). Retrieved 8 March 2021.
  2. ^ a b "Our History - Regus UK". regus.co.uk. Retrieved 3 April 2015.
  3. ^ "Constituents and weights". Ftse Russell. Retrieved 15 January 2021.
  4. ^ Cave, Andrew (2004-07-17). "Mark Dixon, CEO of Regus: A true entrepreneur back on the expansion trail". The Independent. London. Retrieved 2009-04-25.
  5. ^ Shah, Saeed (2000-09-27). "Regus valued at £1.6bn in second attempt at flotation". Independent.co.uk. Retrieved 2012-10-04.
  6. ^ "Regus buys Stratis in $10m deal". Birmingham.bizjournals.com. 2001-05-09. Retrieved 2012-10-04.
  7. ^ Staff Writer. "September 11 - A Memorial" (pg.88), CNN.com, August 2004 (Archive date).
  8. ^ Dwyer, Jim, and Henriques, Diana. "A Nation Challenged: Death Benefits; Money for Families Of Attack Victims Could Vary Widely", The New York Times, September 20, 2001.
  9. ^ a b Vaughan-Adams, Liz (21 December 2002). "Regus staves off bankruptcy with £57m UK disposal". The Independent. Retrieved 24 October 2017.
  10. ^ a b Michael Jivkov (2006-04-20). "The Investment Column". Independent.co.uk. Retrieved 2012-10-04.
  11. ^ a b "Regus becomes first UK firm to file for Chapter 11". Findarticles.com. Retrieved 2012-10-04.
  12. ^ Williams, Charles (2003-08-29). "Regus to exit Chapter 11". Propertyweek.com. Retrieved 2012-10-04.
  13. ^ "Regius will buy HQ Global". New York Times. 2004-07-17. Retrieved 2012-10-04.
  14. ^ Regus buys Laptop Lane[dead link]
  15. ^ Open from American Express Archived September 17, 2008, at the Wayback Machine
  16. ^ "Where We Operate". regus.qa. Retrieved 3 April 2015.
  17. ^ "Regus Responds to Growing Need for Privacy Amongst Business Travelers with the Launch of Businessworld Membership Card Program" Archived 2013-07-17 at the Wayback Machine, Press release, June 16, 2008.
  18. ^ "Admission and Listing of New Regus Ordinary Shares" Archived 2013-07-17 at the Wayback Machine, General notice, October 14, 2008.
  19. ^ Likus, Anita (27 August 2010). "INTERVIEW: Regus Set For Expansion Despite Harsh Conditions". The Wall Street Journal. London.
  20. ^ Ruddick, Graham (12 March 2010). "Property industry furious at Regus". The Daily Telegraph.
  21. ^ "StartUp Loans - Regus UK". Regus.co.uk. 2012-07-05. Archived from the original on 2012-10-23. Retrieved 2012-10-04.
  22. ^ "Regus makes Business Exchange £65.6m bid". ft.com. 2013-02-19.
  23. ^ "Regus Becomes IWG As Scheme Of Arrangement Becomes Effective". Morning Star. 19 December 2016. Retrieved 23 April 2017.
  24. ^ Wiedeman, Reeves (2019-06-10). "The I in We How did WeWork's Adam Neumann turn office space with "community" into a $47 billion company? Not by sharing". New York. Archived from the original on 2019-08-19. Retrieved 2019-08-20.
  25. ^ Olaniyi, Bisi (2019-08-16). "Regus' Port Harcourt centre relaunched". The Nation (Nigeria). Retrieved 2019-08-20.

External links[edit]