According to a report released today by CoStar, Regus has announced plans to move its head office from Luxembourg to Switzerland, “in part to take advantage of the country being outside of the EU and the uncertainty surrounding it”.
The move coincides with the creation of a new holding company of Regus and its subsidiaries, which will be named International Workplace Group (IWG plc).
Perhaps in light of this news, Reuters reported this morning that Regus has “curbed its expansion plans on Thursday [November 3rd], as it noted a slowdown in revenue growth rate in the third quarter.”
Further details as reported by CoStar’s Paul Norman:
Regus said the changes via a proposed scheme of arrangement reflected the “continuing progression of the Regus Group in its provision of a broad spectrum of flexible work solutions across multiple brands”.
It is also “in recognition of the Board’s view of the broader market opportunities that the Regus Group can develop”. It said the group would however continue to use the Regus brand extensively, “which has served it well for over 27 years”.
IWG will have its primary listing on the main market of the London Stock Exchange and, upon listing, is expected to be included in FTSE’s UK Index Series.
All of the directors of Old Regus have been appointed to the board of IWG.
The Board said: “The assets and liabilities of the Regus Group immediately after the Scheme Effective Date will not differ substantially from the assets and liabilities it had before the Scheme Effective Date and the rights attaching to the IWG Shares will be substantially the same as those attaching to the existing Old Regus Shares.”
