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Gloucestershire Business News

Sales improve for Regus owner

Owner of the office space provider has revealed an improvement in sales activity, prompted by an increased interest in flexible working.

IWG plc, which owns the Regus brand and operates 3,359 flexible offices across the world including two in Gloucester, said that it has seen a higher demand for suburban locations and smaller sized offices when compared to pre-covid levels.

The company said revenue dropped 10.2 per cent to £583.3 million in the quarter ending September 30, blamed on the impact of the coronavirus pandemic.

A statement read: "The impact of the pandemic has been greater than we imagined, and we remain in the eye of this global crisis. Throughout this period our platform has been resilient, and we have benefitted from the comprehensive actions taken to reduce costs and improve cash flow and liquidity.

"Whilst market conditions remain very challenging, the future of flexible working looks very positive. There is clear evidence of increasing interest in flexible working as companies address how their employees will work in the future, the advent of further potential pandemics and the need to preserve liquidity by limiting capital and operating expense."

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