Office space provider IWG is set to open a new facility in Exeter, as the firm reported record revenue for the first half of the year amid continuing demand for hybrid working.
The firm, which is behind brands such as Regus and Signature, said it would be opening a new workspace under its HQ brand in the first quarter of next year at the Matford Business Centre, on the Devon city’s Marsh Barton Business Park. It follows a managed partnership agreement with the building’s owner.
The 10,990 sq.ft asset, located to the south of the city and within three miles of Exeter Airport, will be IWG’s fourth in the area, and comes as the group looks to add 1,000 new locations globally over the next year.
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The company said the building could provide tailored space for established firms and start-ups across a range of industries.
Bosses said the number of enquiries received for space at the company's locations in the South West was continuing to “sharply increase”, with more workers looking to avoid long commutes and work closer to home.
Chief executive and founder Mark Dixon said: “We are establishing a stronger and more diversified footprint in Exeter with this latest opening. As an important business hub for the 海角视频, Exeter is a fantastic place for us to boost our expansion plans.
“The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal. We are very pleased to work in partnership with Matford Business Centres to develop the HQ brand under a management agreement that will add a cutting-edge workspace to their building.”
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The moves comes as IWG reported its revenue had increased by 14% to a little under £1.7bn in the six months to the end of June. The firm made a pre-tax loss of £70m, unchanged from the year before, while operating profit grew 154% to £94m.
Mr Dixon said the results had been driven by a continuation of a “‘Big Bang’” IWG had seen in 2022, as the continuing impact of the Covid-19 pandemic led to an increase in businesses adopting hybrid working practices, with staff splitting working time between home and flexible workspaces while making “the occasional visit” to corporate headquarters.
IWG currently has around 3,500 workspaces across more than 120 countries.