Skip navigation

Gloucestershire Business News

Gloucester flexible office provider Regus sees profits fall

Flexible office firm Regus - with two branches in Gloucester - has seen a slump in demand affect profits this year.

The parent company IWG has warned that profits will be "well below" the previous year because of the ongoing Covid situation.

Overall office occupancy has been lower than expected and underlying earnings are expected to be well below the previous year, the company reports. Shares fell sharply on the news.

Regus has branches at Gloucester docks and at Conway House in Worcester Street in the city centre.

Overall, the company says the outlook is improving with "unprecedented demand for our flexible work products as many more enterprises adopt hybrid working".

Occupancy is said to be improving, enquiries are at pre-pandemic levels and the flow of corporate customers is increasing.

IWG said these trends "support the board's view that the prolonged impact of Covid-19 on the group's 2021 results is one of timing".

It expects profitability and cash generation will improve as lockdown restrictions ease.

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Monday, June 14 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Monday, June 14

The ongoing coronavirus situation is changing by the hour with announcements being made about businesses and services that are being forced to adapt and change.

Randall & Payne acquire Gloucester accountancy firm Image

Randall & Payne acquire Gloucester accountancy firm

Cheltenham based firm of accountants and business advisors Randall & Payne has revealed the acquisition of a Gloucester practice.

Gloucestershire IT and cybersecurity firm expand Image

Gloucestershire IT and cybersecurity firm expand

As part of its expansion plans, Optimising IT has revealed the acquisition of further office space in the county.

Work starts on new local centre at Twigworth Image

Work starts on new local centre at Twigworth

Construction work has begun on a new local centre for Twigworth, which forms part of a major development by Robert Hitchins Ltd.

Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.