IWG plc

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.{{cite news|url=https://www.telegraph.co.uk/finance/financetopics/profiles/5219967/Mark-Dixon-the-Briton-who-wants-to-build-a-new-Google.html|title=Mark Dixon, CEO of Regus: A true entrepreneur back on the expansion trail|work=The Independent|date=17 July 2004|access-date=25 April 2009 | location=London | first=Andrew | last=Cave}} In 1994, Regus entered Latin America with a centre in São Paulo and Asia with its first centre in Beijing.

The company completed a successful IPO on the London Stock Exchange in 2000.{{cite news|last=Shah |first=Saeed |url=https://www.independent.co.uk/news/business/news/regus-valued-at-up-to-pound16bn-in-second-attempt-at-flotation-700023.html |title=Regus valued at £1.6bn in second attempt at flotation |publisher=Independent.co.uk |date=27 September 2000 |access-date=4 October 2012}} In 2001, it acquired Stratis Business Centers, a U.S.-based network of franchised business centres.{{cite web|url=http://birmingham.bizjournals.com/birmingham/stories/2001/05/07/daily18.html |title=Regus buys Stratis in $10m deal |publisher=Birmingham.bizjournals.com |date=9 May 2001 |access-date=4 October 2012}} Five Regus employees died in the September 11 attacks, as Regus had a business centre on the 93rd floor of the South Tower.Staff Writer. [https://web.archive.org/web/20020105105226/http://edition.cnn.com/SPECIALS/2001/memorial/lists/by-employer/page88.html "September 11 - A Memorial"] (pg.88), CNN.com, August 2004 (Archive date). The company was criticised 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."Dwyer, Jim, and Henriques, Diana. [https://www.nytimes.com/2001/09/20/nyregion/nation-challenged-death-benefits-money-for-families-attack-victims-could-vary.html "A Nation Challenged: Death Benefits; Money for Families Of Attack Victims Could Vary Widely"], The New York Times, 20 September 2001.

In 2002, the company sold a controlling stake (58%) of its UK business to Rex 2002 Limited, a company created by the private equity firm Alchemy Partners.{{cite web|url=https://www.independent.co.uk/news/business/news/regus-staves-off-bankruptcy-with-57m-uk-disposal-136903.html|title=Regus staves off bankruptcy with £57m UK disposal|first=Liz|last=Vaughan-Adams|work=The Independent|date=21 December 2002|access-date=24 October 2017}} This move raised £51 million for the company,{{cite news|author=Michael Jivkov |url=https://www.independent.co.uk/news/business/analysis-and-features/the-investment-column-royalty-troubles-pile-pressure-on-arm-holdings-474877.html |archive-url=https://web.archive.org/web/20090628071446/http://www.independent.co.uk/news/business/analysis-and-features/the-investment-column-royalty-troubles-pile-pressure-on-arm-holdings-474877.html |url-status=dead |archive-date=28 June 2009 |title=The Investment Column |publisher=Independent.co.uk |date=20 April 2006 |access-date=4 October 2012}} which had been facing severe financial difficulties. 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.{{cite web|url=http://findarticles.com/p/articles/mi_qn4158/is_20030116/ai_n9679112 |title=Regus becomes first UK firm to file for Chapter 11 |publisher=Findarticles.com |access-date=4 October 2012}} A year later, it took its U.S. business out of Chapter 11 after restructuring,{{cite web|last=Williams |first=Charles |url=http://www.propertyweek.com/story.asp?storyCode=3029803 |title=Regus to exit Chapter 11 |publisher=Propertyweek.com |date=29 August 2003 |access-date=4 October 2012}} financed by its share of the profitable UK business.

The company acquired HQ Global Workplaces, workplace provider based in the U.S. in 2004.{{cite web|url=https://query.nytimes.com/gst/fullpage.html?res=9E06E3DD123AF934A25754C0A9629C8B63 |title=Regius will buy HQ Global |work=New York Times |date=17 July 2004 |access-date=4 October 2012}} It re-acquired the Regus UK business in 2006 for £88 million. The company went on to acquire Laptop Lane, a chain of American airport business centres, later that year.[http://www.abtn.co.uk/Regus_buys_Laptop_Lane Regus buys Laptop Lane]{{dead link|date=October 2012}} 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.[http://home3.americanexpress.com/corp/pc/2007/regus.asp Open from American Express] {{webarchive |url=https://web.archive.org/web/20080917204938/http://home3.americanexpress.com/corp/pc/2007/regus.asp |date=17 September 2008 }}

In 2007, Regus opened business centres in Bulgaria and the Middle East.{{cite web|url=http://www.Regus.QA/search/where-we-operate.aspx|archive-url=https://archive.today/20130416110442/http://www.regus.qa/search/where-we-operate.aspx|url-status=dead|archive-date=16 April 2013|title=Where We Operate|work=regus.qa|access-date=3 April 2015}} In June 2008, Regus introduced Businessworld, a multi-level membership service for flexible access to its services in any of its locations.[http://www.regusparis.com "Regus Responds to Growing Need for Privacy Amongst Business Travelers with the Launch of Businessworld Membership Card Program"] {{webarchive|url=https://web.archive.org/web/20130717002853/http://regusparis.com/ |date=17 July 2013 }}, Press release, 16 June 2008. Effective 14 October 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.[http://www.regusparis.com "Admission and Listing of New Regus Ordinary Shares"] {{webarchive|url=https://web.archive.org/web/20130717002853/http://regusparis.com/ |date=17 July 2013 }}, General notice, 14 October 2008. Regus has maintained a policy of expansion, opening new business centres.{{cite news | first=Anita | last=Likus | title=INTERVIEW: Regus Set For Expansion Despite Harsh Conditions | url=https://online.wsj.com/article/BT-CO-20100827-703480.html | location = London | newspaper=The Wall Street Journal | date=27 August 2010 }} 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.{{cite news | first=Graham | last=Ruddick | title=Property industry furious at Regus | url=https://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/7422905/Property-industry-furious-at-Regus.html | newspaper=The Daily Telegraph | date=12 March 2010 }}

File: Regus Hotel and Conference Centre - geograph.org.uk - 1401164.jpg]]

A legal case involving Epcot Solutions Ltd and Regus, decided in the Court of Appeal in 2008, involved assessing whether the standard exclusion clause in Regus' terms and conditions could be justified. Epcot complained about Regus' failure to maintain air conditioning at its Stockley Park business centre in west London. The judge at first instance had ruled that Regus' exclusion clause was unreasonable but the Court of Appeal reversed this ruling.Linneman, C., [https://www.building.co.uk/comment/exclusion-clause-regus-uk-ltd-vs-epcot-solution-ltd/3114821.article Exclusion clause: Regus (UK) Ltd vs Epcot Solution Ltd], published on 30 May 2008, accessed on 22 March 2025

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.{{cite web |url=http://www.regus.co.uk/startuploan/index.aspx |title=StartUp Loans - Regus UK |publisher=Regus.co.uk |date=5 July 2012 |access-date=4 October 2012 |url-status=dead |archive-url=https://web.archive.org/web/20121023220353/http://www.regus.co.uk/startuploan/index.aspx |archive-date=23 October 2012 }} On 19 February 2013, the firm took control of MWB BE, a large UK-based serviced office provider with a £65.6m cash bid.{{cite web|url=http://www.ft.com/cms/s/0/11dc3da2-7ab5-11e2-9c88-00144feabdc0.html#axzz319cieiBo |title=Regus makes Business Exchange £65.6m bid |publisher=ft.com |date=19 February 2013}}

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".[Alliance News] (19 December 2016). [https://web.archive.org/web/20170402230507/http://www.morningstar.co.uk/uk/news/AN_1482146642836095100/regus-becomes-iwg-as-scheme-of-arrangement-becomes-effective-(alliss).aspx Regus Becomes IWG As Scheme Of Arrangement Becomes Effective]. Morningstar. Archived 2 April 2017. The new head office was established in Zug, Switzerland.{{cite news |last1=Jack |first1=Sidders |last2=Konotey-Ahulu |first2=Olivia |title=Family Office Buys Back Flexible Office Firm for Hedge Funds |url=https://www.bloomberg.com/news/articles/2021-02-21/family-office-buys-back-flexible-office-firm-for-hedge-funds |website=Bloomberg |date=21 February 2021 |access-date=24 October 2021}}

In 2019 IWG had approximately 3,000 coworking spaces in around 120 countries.{{cite news |last=Wiedeman |first=Reeves |url=http://nymag.com/intelligencer/2019/06/wework-adam-neumann.html |title=The I in We How did WeWork's Adam Neumann turn office space with "community" into a $47 billion company? Not by sharing |work=New York |date=10 June 2019 |url-status=live |archive-url=https://web.archive.org/web/20190819202233/http://nymag.com/intelligencer/2019/06/wework-adam-neumann.html |archive-date=19 August 2019 |access-date=20 August 2019 }}{{cite news |last=Olaniyi |first=Bisi |url=https://thenationonlineng.net/regus-port-harcourt-centre-relaunched/ |title=Regus' Port Harcourt centre relaunched |work=The Nation (Nigeria) |date=16 August 2019 |access-date=20 August 2019 }}

In 2020, as a result of the Covid-19 pandemic, IWG experienced financial difficulties; over a few months it filed for Chapter 11 bankruptcy for 97 different entities connected to both Regus and its co-working brand Spaces.{{cite news| last=Ali | first=Aayat | title=IWG's Reasoning Behind Entities Filing For Bankruptcy | publisher=allwork| date=22 September 2020 | url=https://allwork.space/2020/09/iwgs-reasoning-behind-entities-filing-for-bankruptcy/}} The rise of more localised working in the wake of the Coronavirus pandemic led to suburban locations becoming among the company’s fastest-growing locations.{{cite web |last1=Partridge |first1=Joanna |title=IWG reports rise in UK workspace visits as hybrid working takes hold |url=https://www.theguardian.com/business/2022/dec/27/iwg-reports-rise-in-uk-workspace-visits-as-hybrid-working-takes-hold |website=The Guardian |publisher=The Guardian |date=27 December 2022}}

In February 2021, IWG acquired a majority stake in The Wing women's co-working network,[https://www.bloomberg.com/news/articles/2021-02-11/regus-owner-iwg-buys-majority-stake-in-office-startup-the-wing Regus Owner IWG Buys Majority Stake in Office Startup The Wing"] Gillian Tan and Jack Sidders, Bloomberg News, 11 February 2021. Retrieved 28 September 2023. which subsequently ceased operations on 30 August 2022.[https://www.insider.com/coworking-space-the-wing-announces-shut-down-2022-8 "Gone girl(boss): Troubled co-working space The Wing announced it's shutting down, but all anybody cares about is what will happen to its furniture"] Julie Gerstein, Insider, 31 August 2022. Retrieved 28 September 2023.

In March 2022, IWG merged its digital business with The Instant Group.{{cite web |last1=Norman |first1=Paul |title=IWG Completes £320 Million Merger With Flexible Workspace Platform Instant |url=https://www.costar.com/article/1390070475/iwg-completes-%C2%A3320-million-merger-with-flexible-workspace-platform-instant |website=CoStar |publisher=CoStar |date=8 March 2022}} Digital assets included in the transaction included Easyoffices.com, Meetingo.com, Rovva and Worka.{{cite web |title=IWG Announces Merger of Digital Assets with The Instant Group |url=https://coworkinginsights.com/iwg-announces-merger-of-digital-assets-with-the-instant-group/ |website=Coworking Insights |publisher=Coworking Insights |date=8 March 2022}}

IWG opened a location at Battersea Power Station, The Engine Room, within the Grade II-listed Boiler House, in June 2023. It is the first flexible workspace to open at the redeveloped London landmark.{{cite web |last1=Neville |first1=Matthew |title=Hybrid workers abseil down Battersea Power Station to mark new workspace launch |url=https://bdaily.co.uk/articles/2023/06/29/hybrid-workers-abseil-down-battersea-power-station-to-mark-new-workspace-launch |website=Bdaily Business News |publisher=Bdaily Business News |language=en |date=29 June 2023}}

In June 2024, IWG confirmed its name change to International Workplace Group plc. The name change was accompanied by the shifting of its reporting currency and the denomination of its shares from sterling to US dollars.{{cite web |last1=Hamer |first1=Alex |last2=Fahy |first2=Michael |title=Directors’ Deals: IWG founder’s sale triggers share slide |url=https://www.ft.com/content/8204d32d-d2e6-479d-b153-6658c75ef0e3 |website=Financial Times |publisher=Financial Times |date=7 June 2024}}{{cite web |last1=Beveridge |first1=Holly |title=IN BRIEF: IWG confirms name change to International Workplace Group |url=https://www.morningstar.co.uk/uk/news/AN_1716583504890936300/in-brief-iwg-confirms-name-change-to-international-workplace-group-.aspx |website=MorningstarUK |publisher=Alliance News |date=24 May 2024}}

• WeWork

{{Reflist}}

{{Commons category|Regus}}

• {{Official website|http://www.iwgplc.com/}}
• Salter, Chuck. [https://web.archive.org/web/20060313063507/http://www.fastcompany.com/online/33/regus.html "Office of the Future"], Fast Company, Issue 33, March 2000, page 272.
• Holusha, John. [https://query.nytimes.com/gst/fullpage.html?res=9C03E0DC133AF933A15756C0A9679C8B63 "Commercial Property/Business Centers; Modern Office for Rent: Daily Rates Available"], The New York Times, 20 May 2001.

{{Real estate in the United Kingdom}}

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Category:Companies listed on the London Stock Exchange

Category:Holding companies established in 1989

Category:Companies based in Luxembourg City

Category:Companies that filed for Chapter 11 bankruptcy in 2003

Category:Companies that filed for Chapter 11 bankruptcy in 2020

Category:Property services companies of the United Kingdom

Category:Coworking space providers

Category:1989 establishments in Belgium

Category:Companies in the FTSE 250 Index