Mon, 20 Apr 2020 | COMMERCIAL PROPERTY
Flexible workspace provider IWG Plc is exploring the possibility of selling and leasing back its office spaces, as it looks to raise between £200m and £250m to ease the impact of coronavirus.
IWG (international Workplace Group) owns brands including Regus, Spaces, HQ, Signature by Regus, Basepoint, Openoffice and BizDojo, among others. It has 367 UK locations, along with many others in North America, EMEA and Asia Pacific.
The company is reportedly considering selling and then leasing back more than 10 of its UK office buildings, with chartered surveyor Doherty Baines said to be advising IWG on the move.
Regus has reportedly been recently criticised by several of its small business tenants, who say the company has attempted to tie them to longer leases in exchanges for temporary reductions in the rent on office spaces that they cannot use.
Regus chief executive officer Mark Dixon has said that tenants have been made fair offers. Regus has also been served with a statutory demand by a consulting firm for withholding its deposit, which is worth two months’ rent. Dixon has denied that the payment is late.
According to its most recent accounts, from the year ending December 31 2018, Regus Group Ltd has total current assets worth £351 million.
The coronavirus pandemic has had a particular impact on the office space sector, with IWG's shares reportedly down two-thirds from the start of the year, as of the beginning of April.
One of the best ways to find properties below market price is to look at recent administrations.
An exceptional opportunity to acquire a well-established offshore survey business, renowned for its comprehensive design, build, and operation capabilities, alongside valuable assets including vessels and equipment.
This is an exclusive chance to acquire a legal claims business with substantial work in progress valued at around £5 million.
This profitable mortgage brokerage in Yorkshire boasts impressive steady growth and a strong client base, with the current owner offering consultancy services post-sale to ensure a smooth transition.
05
|
Sep
|
Administrators exploring sale after collapse of Bodycare | ADMINISTRATION
Bodycare, a high street retailer of branded health and beaut...
05
|
Sep
|
Pets Choice acquires Kennelpak brands out of administration | BUSINESS SALE
Pet food manufacturer Pets Choice has acquired a number of p...
05
|
Sep
|
PE-backed legal services group completes investment in London firm | BUSINESS SALE
Legal services group BBS Law has completed an investment in ...
24
|
Nov
|
Showering spaces firm undergoes MBO | MBO/MBI
Lakes Showering Spaces, a manufacturer and supplier of showe...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.