Sunny

Sunny

max temp: 11°C

min temp: 6°C

ESTD 1874 Search

UK: Regus targets expansion with £40m Business Exchange bid

10:46 21 December 2012

Regus founder and chief executive Mark Dixon

Regus founder and chief executive Mark Dixon

Archant

OFFICE rental firm Regus has tabled a £40million bid for London’s largest serviced office provider as it seeks to boost its presence in the capital.

shares

The deal to buy MWB Business Exchange will add 64 business centres across the UK to its existing network, including a further 39 centres across London.

Regus said while it was too early to give an idea of the exact impact on staff, it expected that there would be job cuts to strip out duplication.

Business Exchange, which employs about 500 staff, is 75% owned by MWB Group which fell into administration last month, although Business Exchange was unaffected.

The administrators of MWB, from Deloitte, will now put its stake in Business Exchange out to tender for eight weeks. If a better offer is received, Regus has the option to out-bid by at least £500,000.

Regus founder and chief executive Mark Dixon went to school in Chelmsford and one of his early businesses involved a fleet of burger vans which operated along London’s North Circular road and the A12. He also ran sandwich making and bakery businesses before launching Regus in 1989.

The company now has around 1,200 sites worldwide, including about 140 in the UK, serving customers including Google, GlaxoSmithKline and Nokia. It opened 139 new locations last year, although only three of these were in the UK, and plans to have 2,000 sites by 2014.

Group profits more than doubled to £50.6m last year after it grew sales by 12%, helped by the opening of the new sites and through cost savings as it renegotiated leases. In the UK, gross profits nearly doubled to £29.7m.

shares

0 comments

Bury St Edmunds Chamber Hustings event on 14 April at West Suffolk College: David Chappell (Liberal Democrat); Jo Churchill (Conservative); Colin Knight, Chair, Bury St Edmunds Chamber; Nigel George, Bury St Edmunds Board member; William Edwards (Labour); Dr Helen Geake (Green Party)

Suffolk’s business sector has been striving to ensure its voice is heard at a series of hustings in the run-up to the General Election.

EE is building 4G base ahead of BT deal

EE, the UK’s biggest mobile operator, said it is on track to sign up 14 million 4G customers by the end of the year.

The CWT fears a trade deal with the US would undermine any future proposals to renationalise organisations like BT or Royal Mail.

Opposition to a controversial trade deal being negotiated between the European Union and the United States has intensified amid warnings of its “massive impact” on any future campaign to renationalise the Royal Mail or BT.

A colder than normal start to the year has boosted British Gas profits.

Profits at British Gas are set to rise after the energy supplier revealed a boost in consumption following a colder than normal start to the year.

Matthew Embley,  RDC recycling services manager, left, and Gary Griffiths, RDC international partners compliance, with the company's gold Zero Waste award.

Information technology reuse and recycling company RDC has received a gold Zero Waste Award from the letsrecycle.com website.

Angela Rushforth, managing director of Ridgeons, with the firm's Investors in People gold accreditation.

Regional timber and builders’ merchant chain Ridgeons has been awarded a “gold” rating under ther Investors in People (IiP) programme.

Alex Till of Menta.

Suffolk-based Enterprise agency Menta and the county branch of the Institute of Directors (IoD) are working together to help Suffolk business owners as they strive for growth.

The water unit from the Prince's Street fire station with Ipswich with officials from the Port of Ipswich and students from Suffolk New College at the water safety demostration hosted by the port.

The Port of Ipswich teamed up with Suffolk Fire and Rescue Service to stage a rescue simulation off Orwell Quay.

From left, Chris Chamberlain from HTK, Vicki Cole from Crafted and Helen Dodman from Ipswich Central, the three organisations behind the Destination Digital conference.

The company behind the delivery of the Ipswich town centre Business Improvement District project has teamed up with two local digital specialist to stage a conference on online marketing for the tourism and hospitality sectors.

French Connection has warned that it faces a substantial loss when it posts its annual results.

Fashion chain French Connection today warned that it now expects to make a big annual loss after seeing its recovery hopes dashed by a difficult spring trading period.

Most read

Most commented

Topic pages