In The Loop: IWG Growth; The Working Capital Restructuring; And Hubble Raises £2M

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IWG set to open 110 new flexible workspace locations as it signs 20 new franchise agreements.

IWG to Triple Flex Space Openings 

Bisnow reported this week that IWG has signed franchise agreements with 20 new partners this year that will result in 110 new flexible workspace locations. According to the report, “the number represents a sharp increase in growth rate over the first half of 2020, when 30 such franchises were launched.” IWG has increasingly relied on franchise agreements to power its growth. The new franchise agreements are for both Regus and Spaces brands, and new locations will open in the US, India, and Malaysia.  

The Working Capital Plans to Restructure Operations 

EdgeProp reported this week that Singapore-based coworking operator, The Working Capital (TWC), plans to undergo a restructuring exercise “to better protect the company as it negotiates terms with two of its largest landlords that own properties that account for about 58,500 sq ft of its floor area in the Keong Saik neighborhood.” According to statements from the coworking company, the restructuring was a back-up plan if landlords rejected their proposed payment plans.  

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Hubble Raises £2 Million  

Hubble, an online marketplace for flexible workspaces, has raised £2 million in new investment, Business Cloud reported this week. The new sum brings the company’s total investment to £10 million. According to the report, Hubble will use the funds to launch a hybrid workspace platform that will allow companies “to understand how their employees want to work, and then search for, set-up, and manage their hybrid workplace in a data-driven way.” 

For more flexible workspace news and trends, visit our Daily Digest section! 

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