Office rental firm IWG looks to snap up more sites of rival WeWork
Reuters
Published Nov 07, 2023 13:21
(Reuters) - IWG (LON:IWG) is looking at acquiring more of collapsed rival WeWork's sites, the office rental firm's top boss Mark Dixon confirmed on Tuesday.
The news comes a day after WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection.
Switzerland-headquartered IWG, which owns the Spaces and Regus brands, declined to comment on further details about the exact number of sites or locations.
The firm has already taken over a few WeWork sites, according to Dixon, while Bloomberg reported it acquired a few last week.
Earlier on Tuesday, IWG posted a 7% rise in third-quarter revenue to 736 million pounds ($904.99 million) and affirmed its full-year targets, as hybrid working demand stays put.
Shares in the mid-cap company were up 3.2% at 1248 GMT.
($1 = 0.8133 pounds)
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Written By: Reuters
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