South: Regus to change holding company name and move HQ to Switzerland

Global serviced office giant Regus has announced plans to move its head office to Switzerland, reports CoStar. This is in part to take advantage of the country's being outside the EU and the uncertainty surrounding it, and also to create a new holding company of Regus and its subsidiaries named International Workplace Group (IWG plc) incorporated in Jersey.

Regus said the changes reflected the “continuing progression of the Regus Group in its provision of a broad spectrum of flexible work solutions across multiple brands”. They are 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.

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."

Further explaning the move the Board said that since the relocation of the Regus Group's headquarters and place of central administration to Luxembourg in 2008 there have been a number of material changes in the way that the Regus Group operates and to the various regulatory frameworks that govern the business and as such it believes that its growth would be better supported by headquarters in Switzerland.

Finally Regus said that with the uncertainty surrounding the future shape of the EU and in particular its increasingly complex legislative environment Switzerland’s position outside the EU was an advantage as a headquarters location.

Credit: CoStar