[bctt tweet=”IWG is in search for a partner or partners for a master franchise agreement for its Canadian operations.” username=”allwork_space”]
“There is a greater need and demand for flex space, beyond the capacity that we can actually invest in and then continue to grow,” said Wayne Berger, CEO of IWG Canada and Latin America. “The demand we’re seeing (from clients in Canada) continues to outstrip the supply.”
Berger said the valuation of IWG’s Canadian business, financial model and packages that will be sent to potential investors are currently being finalized, with hopes of going to market over the next few weeks. The firm hopes to have the master franchise agreement complete by the end of this year or early 2020.
This is not the first time IWG has inked franchisee agreements like this. For example, earlier this year IWG sold its Japanese operations to TKP Corporation for the use of all IWG brands, while still receiving a fee for providing various services.
Berger said that the franchisee program the firm launched in Canada last August still remains despite it moving to find a master franchise partner.
IWG is in search of partners with organizational skills that can open at least five 10,000 square foot locations over the next two to three years.