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IWG plc

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IWG plc
Company typePublic
LSE: IWG
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
Dominique Yates, CFO
ProductsServiced Offices, Virtual Offices, Coworking, Business Lounges, Meeting Rooms, Video Communication, Workplace Recovery
Revenue£2,352.3 million (2017)[1]
£163.2 million (2017)[1]
£114.0 million (2017)[1]
Number of employees
8,788 (2017)[1]
Websitewww.iwgplc.com
Regus Austria, Vienna

IWG plc, formerly Regus, is a multinational corporation that provides a global workplace. 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.

History

In 1989 while on a business trip to Brussels, English entrepreneur Mark Dixon noted the lack of office space available to travelling business people; they were often forced to work from hotels. He identified a need for office space that was maintained, staffed, and available for companies to use on a flexible basis and went on to found his first business centre under the name "Regus" in Brussels.[3] 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.[4]

In 2001 it acquired Stratis Business Centers, a U.S.-based network of franchised business centers, and expanded into the United States market.[5] 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.[6] The company was criticized for a lack of response to the victims' families, though a Regus official said they had made "proactive outreach to each and every family of the team members who are missing."[7]

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.[8] This move raised £51 million for the company,[9] which had been facing severe financial difficulties.[8] In 2003 Regus filed for Chapter 11 bankruptcy protection for its US business, which had been struggling in the wake of the dot-com bubble.[10] Less than a year later it took its US business out of Chapter 11 after restructuring,[11] financed by its share of the profitable UK business.[10]

The company acquired HQ Global Workplaces, a global workplace provider based in the U.S. in 2004.[12] It re-acquired the Regus UK business in 2006 for £88 million, marking the end of a dramatic recovery from the company's near collapse in 2002.[9] The company went on to acquire Laptop Lane, a chain of American airport business centers, later that year.[13] In 2006 the company entered partnerships with Air France-KLM and American Airlines for preferred access for business travellers and in 2007 it entered a partnership with American Express for preferred access for their Business Platinum cardholders.[14]

In 2007 Regus further expanded its global position, opening business centers in Bulgaria, Jordan, Kenya and Qatar.[15] In June 2008 Regus introduced Businessworld, a multi-level membership service which allows users flexible access to Regus services in any Regus location worldwide, taking advantage of the company's international scale. It is aimed at clients who travel frequently.[16] Effective October 14, 2008, Regus Group plc became Regus plc. Regus plc was created as a holding company for Regus Group plc, in order to establish the company's headquarters in Luxembourg and its registered office in Jersey.[17] Regus has maintained a policy of expansion, opening new business centers.[18] The company 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; this has angered the British property industry.[19]

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 global network of business lounges and administrative support, complementing the Government's StartUp Loans scheme managed by James Caan.[20] On 19 February 2013 Regus took control of MWB BE, the UK's second largest serviced office provider with a £65.6m cash bid.[21] In 2013 Regus opened in its 100th country, Nepal,[22] and its 1,500th centre in Pune, India.[23] In 2014 Regus opened its 2,300th business centre in Boulder, Colorado and opened in 50 new towns and cities in Q1 alone. It also signed deals with Heathrow Airport[24] and Gatwick Airport,[25] as well as the Singapore government.[26]

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".[27]

Operations and services

The company provides serviced offices, virtual offices, meeting rooms, and videoconferencing to clients on a contract basis. It operates in 106 countries[28] with more than 2,300 business centers,[29] making it the world's largest provider of flexible workspace.[29] It is also one of the sponsors of Fair Spend,[30] and Mars One, a Dutch private spaceflight project.[31] It also hosts Britain First at their Belfast office by hosting Britannia Campaigning, the company behind Britain First and owned by Paul Golding.[32]

References

  1. ^ a b c d "Annual Report 2017" (PDF). Retrieved 26 March 2018.
  2. ^ a b "Our History - Regus UK". regus.co.uk. Retrieved 3 April 2015.
  3. ^ Cave, Andrew (2004-07-17). "Mark Dixon, CEO of Regus: A true entrepreneur back on the expansion trail". London: The Independent. Retrieved 2009-04-25.
  4. ^ Shah, Saeed (2000-09-27). "Regus valued at £1.6bn in second attempt at flotation". Independent.co.uk. Retrieved 2012-10-04.
  5. ^ "Regus buys Stratis in $10m deal". Birmingham.bizjournals.com. 2001-05-09. Retrieved 2012-10-04.
  6. ^ Staff Writer. "September 11 - A Memorial" (pg.88), CNN.com, August 2004 (Archive date).
  7. ^ 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.
  8. ^ a b Vaughan-Adams, Liz (21 December 2002). "Regus staves off bankruptcy with £57m UK disposal". The Independent. Retrieved 24 October 2017.
  9. ^ a b Michael Jivkov (2006-04-20). "The Investment Column". Independent.co.uk. Retrieved 2012-10-04.
  10. ^ a b "Regus becomes first UK firm to file for Chapter 11". Findarticles.com. Retrieved 2012-10-04.
  11. ^ Williams, Charles (2003-08-29). "Regus to exit Chapter 11". Propertyweek.com. Retrieved 2012-10-04.
  12. ^ "Regius will buy HQ Global". New York Times. 2004-07-17. Retrieved 2012-10-04.
  13. ^ Regus buys Laptop Lane[dead link]
  14. ^ Open from American Express Archived September 17, 2008, at the Wayback Machine
  15. ^ "Where We Operate". regus.qa. Retrieved 3 April 2015.
  16. ^ "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.
  17. ^ "Admission and Listing of New Regus Ordinary Shares" Archived 2013-07-17 at the Wayback Machine, General notice, October 14, 2008.
  18. ^ Likus, Anita (27 August 2010). "INTERVIEW: Regus Set For Expansion Despite Harsh Conditions". The Wall Street Journal. London.
  19. ^ Ruddick, Graham (12 March 2010). "Property industry furious at Regus". The Daily Telegraph.
  20. ^ "StartUp Loans - Regus UK". Regus.co.uk. 2012-07-05. Archived from the original on 2012-10-23. Retrieved 2012-10-04. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  21. ^ "Regus makes Business Exchange £65.6m bid". ft.com. 2013-02-19.
  22. ^ "Regus opens in Nepal – now operating in 100 countries". www.londonstockexchange.com. 2013-06-24.
  23. ^ "Regus opens 1,500th business centre in Maharashtra - The Times of India". timesofindia.indiatimes.com. 2013-03-27.
  24. ^ "Regus Express open for business at Heathrow Terminal 5 - Sales Initiative". www.sales-initiative.com. 2014-08-12.
  25. ^ "Gatwick Airport opens workpods designed by Regus". Daily Mail. 2015-01-06.
  26. ^ "Singapore Becomes Regus' First Third Place Location in Asia". Business Wire. 2014-03-17.
  27. ^ "Regus Becomes IWG As Scheme Of Arrangement Becomes Effective". Morning Star. 19 December 2016. Retrieved 23 April 2017.
  28. ^ "Foreign investments to boost demand for flexible working space". www.bt.com.bn. Archived from the original on 17 June 2015. Retrieved 23 June 2015. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  29. ^ a b "Regus Global research reveals home working to be less effective - Regus UK". regus.co.uk. Archived from the original on 2015-06-26. Retrieved 31 December 2015. {{cite web}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  30. ^ New Sponsor Announced Archived 2011-08-16 at the Wayback Machine
  31. ^ Mars one: contributors Archived 2013-04-29 at WebCite
  32. ^ Comdevelopment Ltd. "BRITANNIA CAMPAIGNING LTD". companiesintheuk.co.uk. Retrieved 3 April 2015.
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