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Regus

From EverybodyWiki Bios & Wiki








Regus
Public
ISIN🆔
IndustryReal estate and business support services
Founded 📆1989, Brussels, Belgium
Founder 👔
Area served 🗺️
Key people
Mark Dixon, CEO
Products 📟 Serviced Offices, Coworking, Virtual Offices, Business Lounges, Meeting Rooms, Video Communication, Workplace Recovery
BrandsRegus
Members
Number of employees
over 12,000 (2021)[1][2]
ParentIWG plc, LSE: IWG
🌐 Websitewww.regus.com</ref>
📇 Address
📞 telephone

Regus is a multinational provider of serviced offices, coworking spaces, business lounges, virtual offices, meeting rooms, and video teleconference services....[1] Founded in Brussels, Belgium, in 1989,[3] it is part of the holding company of IWG plc (for "International Workplace Group").

Regus was started by British entrepreneur Mark Dixon when he was 29 years old. It is his eighth business. Previous to setting up the company, Dixon himself had only used factories and had no prior experience in real estate.

In an interview on the PropertyShe podcast, Dixon noted: "Back then, it seemed to me the whole property industry was not very efficient or customer-focused. And there was the opportunity: to convert property into a product that people would want to use."[4][5]

Formation and Early Years[edit]

Serviced office space at Regus's first location in Brussels.

In 1989, entrepreneur Mark Dixon relocated himself and his family to Brussels, Belgium, initially to set up an apartment rental business. Dixon noticed how local business people were conducting meetings around the small tables of local coffee shops.[6] At the same time, he struggled to find an office to rent for his own business. This prompted him to draw up a plan to open a business centre in each of the capitals of the European Union member states, capitalising on the closer business links across the EU. "After I opened the first business centre, I tore [the plan] up because I knew it was much bigger than that," he says. [6]

Mark Dixon initially set up a company named Crosslink, which then merged with Swedish company Reinhold in 1989 to become Regus. In 1992, Regus began its expansion in Europe by opening sites in the Netherlands, Spain, Sweden, Germany and France. The same year, the office operators also launched their first workspace in Beijing, China. Between 1994 and 1996, the firm began expansion into Latin America, Africa and Asia[3]. In 2000, the firm completed an initial public offering on the London Stock Exchange.[7]

In 1998, Regus opened its first centre in the United States. By 2010, the business in the Americas comprising Canada, USA and South America totalled 483 centres across 14 countries.[8] In June 2008 the firm introduced Businessworld, a multi-level membership service giving users access to serviced office solutions in any Regus location worldwide. intended for clients who were travelling frequently.[9]

In 2013 Regus opened in its 100th country, Nepal,[10] its 1,500th centre in Pune, India,[11] and took control of MWB BE, the UK's second largest serviced office provider.[12] In 2014 it signed deals with Heathrow Airport[13] and Gatwick Airport, [14][citation needed] as well as the Singapore government.[15]

Regus' parent company IWG currently holds 3,313 locations worldwide according to the company's 2020 Annual Report, with 141 new workspace centres added to the global network.[2]

Emergence of IWG plc[edit]

In December 2016, a holding company was created under a scheme of arrangement called IWG plc.[16]

Group growth by year[edit]

Please note: diff.

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Source: IWG plc Global Reporting Data

Strategy[edit]

The company provides "instant offices" to enterprise customers in multiple markets worldwide. Google, Disney, Microsoft, Coca-Cola, Deloitte and Twitter are among its clientele. [17][18] A large percentage of their customer base is comprised of small-to-medium-sized businesses.

The company's business strategy is to partner with investors to create high yields on property while providing diverse workspace solutions for customers. Regus offices are based in landmark buildings, high-rent districts and suburban locations. For several years, Regus published a book of postcards featuring views from their buildings.[18]

Business model[edit]

Many Regus offices are owned as a partnership between the owner of the office building and separate entities owned by Regus. [19] In December 2019, the Group recorded 59 joint ventures with local investors, compared to 52 in 2018.

In 2018, Regus became the first serviced office provider to enter the UK franchise market. The multi-million-pound agreement, made in partnership with ACCA Office, confirmed the development of 10 new Regus centres by 2022.[20] In 2019 began a programme of master franchisees for individual countries. In April 2019, Regus Japan was sold as part of a £320m franchise deal to meeting room rental business TKP Corporation.[21] A further master franchise agreement that included Regus and a number of other brands in the IWG umbrella with the J. Safra Group in Switzerland [22] Franchise arrangements have also been set up with markets with smaller populations, such as the Dominican Republic and Jamaica. In 2019, a sub-cluster franchise programme was also launched in the UK, Germany and France to open Regus sites in regional areas that did not as yet have one.

Office plans[edit]

The company provides day offices, coworking spaces, virtual offices, meeting rooms, and videoconferencing services to clients on a contract and pay-as-you-go basis.

File:Regus meeting room.jpg
A Regus meeting room for rent in Paris.

Meeting rooms are equipped with AV screens and projectors. Entertainers like Phil Collins and the Backstreet Boys have used Regus meeting room facilities to hold worldwide videoconferences with the media.[18]

A Regus business lounge in Berlin.

Regus's vacant serviced offices and workstations double as recovery space when businesses are unable to work out of their normal premises. The Workplace Recovery Product is comprised of a three-tier system: "Dynamic" wherein a business pays a monthly rent to reserve workspace long-term for up to 20% of its workforce; "Reserve" with 24/7 guaranteed access to workspace at a local site; and "Rapid" Recovery, an ad-hoc on-demand workspace option for emergency support on the same or next business day, anywhere in the Regus network.

The firm's global network allows customers to coordinate office services across distant locations.[23] Membership entitles access to thousands of Regus locations worldwide and use of 50 million WiFi hotspots in 120 countries.

Network development[edit]

In 2019, the company reported a 253% growth in revenue in part attributable to the new master franchise deals with TKP and J.Safra Group. In 2021, the British bank Standard Chartered formed an agreement with Regus' parent company IWG allowing all 95,000 employees access to 3,500 flexible offices around the world for a trial period of 12 months.[24] [25][26] In 2021, the group has 3,313 locations in 120 countries. [2]

Moving forward, the group said it has over 40 transactions in the pipeline for master and regional franchise agreements.[27]

Key Events by Market[edit]

Americas[edit]

Regus opened its first centres in the United States in 1998. In October of the same year, Regus floated and was valued at £1.5bn. By mid-2001, the business was worth £2bn, with Mark Dixon’s 60% stake making him a billionaire. Then the dotcom bubble burst, and Regus’ US customer base and share price sharply decreased. After reinventing the Regus business model once again, within a year, the business had turned round to such effect that they were able to buy out the then leading flexible workspace provider in the United States in 2004.[28] "When you do a 20-year stint, it's full of ups and downs," Dixon noted in an 2011 interview with The Standard. "Even this summer, when we were preparing for what we think will be the next recession, there is a new set of learnings. Good entrepreneurs are always thinking about the worst that can happen and preparing for it." [6]

In North America, Regus' clients include Google, Twitter, Pfizer and GSK, who use Regus business centres, virtual offices and technical support to save money in fixed costs, reduce their carbon footprint by as much as 80% and allow their mobile workforces to be more flexible and productive.[29]

EMEA[edit]

Regus was originally conceived as a workspace service for businesses operating across EU member states.

In 1997, computer giant Dell rented Regus offices to establish its business in Finland.“When we decided to set up our own Finnish subsidiary company, we needed a flexible solution to the problem of finding suitable office space.” says Percy Frick, Dell computer AB country manager for Finland. “The flexibility of the terms [with Regus] meant that we could easily upsize as our staffing requirements grew in line with increases in our business."[30]

During the 1998 Football World Cup in Paris, Regus was home to a number of companies that needed temporary offices.[31] The international department of the Italian Football Federation moved in on June 1st. Matilda Wither, event manager of Pall Mall Corporate Hospitality Limited told the Regus Communique [company newsletter], “We have a lot of clients from overseas who don’t know France very well, but they can find the centre easily and appreciate the multi-lingual skills of the Regus people." [31]

Regus has increased network growth through a cluster franchising model, with deals signed in Germany and Switzerland in 2019.[32] [33]

Asia-Pacific[edit]

The first centre in Asia opened in 1992 in Bejing, China. Expansion in Asia began in 1996 with openings in Japan and Regus setting up a corporate office in Sydney, Australia.

UK[edit]

The first UK Regus centre opened in 1992 in Trafalgar Square, London. As part of the company's growth plans, they partnered with ACCA Office Ltd as part of a franchising deal. The model works allows companies to expand their footprint without directly incurring on balance sheet issues. It also requires less capital from the company. [34] By 2011, Regus had captured 120,000 of the 32 million-strong British workforce, part of its user base of 900,000 worldwide.

Regus opened its 100th centre at London’s International Financial Centre in 1997. CEO Mark Dixon commented: “The International Financial Centre will be a flagship operation for Regus at the heart of one of the world’s leading business and financial centres. We expect strong demand for facilities at the IFC, particularly from those occupying neighbouring buildings who require flexibility in their office needs to enable them to react more quickly to business opportunities.”[35]

In 2016, uncertainty in the UK over Brexit led to a significant increase in demand for flexible workspace, with Regus reporting a growth of more than 60 per cent in inquiries from June to August.[36] In an CNBC interview, Mark Dixon noted: "Uncertainty in our business can be good thing. Europe is uncertain in how it's going to go forward. We're in all those markets, wherever people decide to go, we can help them get there." [37]

Acquisitions[edit]

In 2001 Regus acquired Stratis Business Centers, a U.S.-based network of franchised business centres, and expanded into the United States market.

In 2004, the company acquired HQ Global Workplaces, at the time the largest global workplace provider based in the U.S. that was an agglomeration of OmniOffices, CarrAmerica, and HQ Business Centers.[38]

In 2014, Regus acquired Evans Easyspace In 2015, Evans was bought by investor Bridges Ventures for £84 million. Regus was retained under a partnership agreement and continues to operate the Evans portfolio.

In 2015, Regus acquired Avanta Serviced Office Group

Between 2015 and 2020, Regus' parent company IWG plc acquired Basepoint, a British provider of serviced offices, as well as a number of small to midsize operators in Europe. These include ATEAC and BFI in France[39], The Office Operators in the Netherlands [40] and The Clubhouse in the United Kingdom [41]

In 2021, Regus' parent company IWG acquired a majority stake in The Wing, a co-working community for women based in New York, San Francisco and other US cities.[42]

Partnerships[edit]

In 2014, Regus partnered with Swiss automaker Rinspeed to develop the "XchangE" concept automobile based on the Tesla Model S to help people work on the road.[43] Exhibited at the 2014 Geneva Motor Show, the self-driving car has front seats that swivel backwards allowing four business travelers to meet face-to-face without a driver. [44]

Sponsorships[edit]

In June 2019, Regus sponsored "Newcomer of the Year" as part of the CIR Business Continuity Awards in which 500 professionals gathered in London to honour the best of the business continuity sector. “It’s an ideal opportunity for Regus to demonstrate its place in the business continuity and disaster recovery market and to show its support of new and upcoming practitioners,” says Helen Petrie, Product and Indirect Channel Manager – Workplace Recovery for Regus.[45]

CSR activities[edit]

Regus UK has a partnership with social entreprise SocialBox.biz to collect people’s unused tech, including unneeded laptops, old mobile phones and second-hand clothing. Donation points have been set up at Regus centres in London and elsewhere around the UK, where donors can drop off their unwanted devices. SocialBox.biz then hands out the items to people living in homeless shelters and low-income senior housing in Britain.[46]

Group community investment in numbers[edit]

Year Amount (£) Countries Projects Charities
2013 80,500 20 54 78
2014 155,329 38 132 100
2015 209,905 43 219 195
2016 237,479 44 244 239
2017 302,066 46 260 252
2018 317,891 47 335 274
2019 412,420 50 354 283

Source: IWG Annual Report 2019

References[edit]

  1. ↑ 1.0 1.1 "Our story – About us". Regus.com. Regus. Retrieved 22 November 2019.
  2. ↑ 2.0 2.1 2.2 https://investors.iwgplc.com/~/media/Files/I/IWG-IR/reports-and-presentations/2021/2020-iwg-annual-report-and-accounts-v1.pdf
  3. ↑ 3.0 3.1 "Our History - Regus UK". regus.co.uk. Retrieved 3 April 2015.
  4. ↑ "Propertyshe podcast - Mark Dixon" – via soundcloud.com.
  5. ↑ Cave, Andrew (2004-07-17). "Mark Dixon, CEO of Regus: A true entrepreneur back on the expansion trail". The Independent. London. Retrieved 2009-04-25.
  6. ↑ 6.0 6.1 6.2 "Interview: Mark Dixon, Regus". www.standard.co.uk. April 10, 2012.
  7. ↑ Shah, Saeed (2000-09-27). "Regus valued at £1.6bn in second attempt at flotation". Independent.co.uk. Retrieved 2012-10-04.
  8. ↑ https://assets.regus.com/investors/filings/2010/2010.03.22-annual-results-announcement-for-the-year-ended-31-december-2009.pdf
  9. ↑ "Regus Responds to Growing Need for Privacy Amongst Business Travelers with the Launch of Businessworld Membership Card Program" Archived 2013-07-17 at the Wayback Machine, Press release, June 16, 2008.
  10. ↑ "Regus opens in Nepal – now operating in 100 countries". www.londonstockexchange.com/.
  11. ↑ Tembhekar, Chittaranjan (2013-03-27). "Regus opens 1,500th business centre in Maharashtra". The Times of India.
  12. ↑ "Regus makes Business Exchange £65.6m bid". ft.com. 2013-02-19.
  13. ↑ "Regus Express open for business at Heathrow Terminal 5 - Sales Initiative". www.sales-initiative.com.
  14. ↑ https://www.businesstraveller.com/news/2014/10/21/regus-opens-business-arrivals-facility-at-gatwick/
  15. ↑ "Singapore Becomes Regus' First Third Place Location in Asia". Business Wire. 2014-03-17.
  16. ↑ Peterson-Withorn, Chase. "The Anti-WeWork: How Mark Dixon Built His Co-Working Company To Survive Coronavirus". Forbes.
  17. ↑ "Two IPOs edge up". money.cnn.com. Oct 17, 2000.
  18. ↑ 18.0 18.1 18.2 Salter, Chuck (March 31, 2000). "Office of the Future". Fast Company.
  19. ↑ Vandenboss, Kevin. "Will COVID-19 Doom Co-Working?". Millionacres.
  20. ↑ "South: Regus becomes first serviced office provider to enter franchise market". 12 September 2018.
  21. ↑ "IWG sells Regus Japan as part of a £320m franchise deal". Real Assets. 15 April 2019. Retrieved 25 April 2019.
  22. ↑ "IWG International Workplace : Strategic Partnership Transaction in Switzerland | MarketScreener".
  23. ↑ Wong, Natalie (18 October 2019). "Google snubs WeWork, signs Toronto lease with co-working rival IWG". Financial Post. Commercial Real Estate: Bloomberg News. Retrieved 22 November 2019.
  24. ↑ Craven, Neil (January 9, 2021). "Standard Chartered deal gives staff an office closer to home". This is Money.
  25. ↑ "IWG to sell Swiss co-working business for £94mln". Proactiveinvestors UK. November 4, 2019.
  26. ↑ staff, I. P. E. "IWG sells Regus Japan for £320m to TKP as part of franchise deal". Real Assets.
  27. ↑ "IWG's Profits Soared In 2019". March 3, 2020.
  28. ↑ "Regus Purchases HQ Global for $302.5M". Wealth Management. July 19, 2004.
  29. ↑ "We Provide Offices That Are Plug-and-play Model: Regus". Moneycontrol.
  30. ↑ Page seven, Regus Communique, November/December 1997
  31. ↑ 31.0 31.1 Page ten. Regus Communique July/August 1998
  32. ↑ "Shared-office group IWG to move to McDonald's-style franchising | Financial Times". www.ft.com.
  33. ↑ https://www.morningstar.co.uk/uk/news/AN_1572858551291133100/iwg-secures-deal-to-sell-switzerland-units-for-usd1215-million.aspx
  34. ↑ "Why The Franchise Model Is A Challenge For Regus". September 28, 2018.
  35. ↑ Communique November/ December 1997
  36. ↑ Roue, Lucy (September 13, 2016). "Brexit brings growth in flexible office space". Manchester Evening News.
  37. ↑ "Brexit has not affected our business: Regus CEO". CNBC. August 9, 2016.
  38. ↑ "Regius will buy HQ Global". The New York Times. 2004-07-17. Retrieved 2012-10-04.
  39. ↑ Immo, Business (May 20, 2015). "[ITW] "Regus se trouve à un temps fort de son histoire"". Business Immo - Le site de l'immobilier d'entreprise.
  40. ↑ "IWG rolt franchiseformule uit om eigen aanbod flexkantoren te verdubbelen". Vastgoedjournaal.nl.
  41. ↑ Bourke, Joanna (October 8, 2019). "IWG adds to its London offices empire with new sites as WeWork falters". www.standard.co.uk.
  42. ↑ Akhtar, Allana. "Flexible office firm IWG just bought a majority stake in The Wing, months after the women-focused co-working startup announced mass layoffs". Business Insider.
  43. ↑ Vira, Dhanil (February 23, 2014). "Rinspeed & Regus Develop XchangE Self Driving Car Concept".
  44. ↑ "Regus XchangeE, self driving car concept, to have a Geneva debut". www.motoroids.com.
  45. ↑ "Business Continuity Awards". www.cirmagazine.com.
  46. ↑ "Regus and SocialBox.Biz Announce Laptop Donation Drive Across Regus Centers". pressat.co.uk.

See also[edit]

External links[edit]


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