Flexible office provider IWG is exploring selling and leasing back offices to raise £200m to £250m and ease its coronavirus cash crunch.
The company, which owns the Regus and Spaces brands, is planning to sell and then lease back more than 10 UK buildings. Chartered surveyor Doherty Baines is said to be advising IWG.
Small business tenants of Regus, led by chief executive Mark Dixon, have criticised the company for trying to tie them into longer leases in exchange for temporary rent reductions on offices they cannot use. Dixon said he was making them a fair offer.
A consulting firm has served Regus with a statutory demand for withholding its deposit, worth two months’ rent. Dixon denies that the payment is late.