BP ’s sale of its Japanese business to TKP marks a major shift towards its new franchising business model , according to The Times . Conference room and banqueting hall provider TKP , which operates 24 sites across Japan , is paying £ 320 m in cash for IWG ’s network of more than 130 co - working centres , plus a long - term franchising agreement that gives it exclusive rights to use IWG ’s brands in the UK . Mark Dixon , IWG ’s CEO and largest shareholder will join the board of TKP as a NED . IWG also will receive a fee for providing services to its Japanese partner, such as international sales, marketing and technology support. He said the transaction realises an attractive valuation for the company ’s assets and that franchising played an increasingly important role in the company ’s strategy .
BP ’s sale of its Japanese business to TKP marks a major shift towards its new franchising business model , according to The Times . Conference room and banqueting hall provider TKP , which operates 24 sites across Japan , is paying £ 320 m in cash for IWG ’s network of more than 130 co - working centres , plus a long - term franchising agreement that gives it exclusive rights to use IWG ’s brands in the UK . Mark Dixon , IWG ’s CEO and largest shareholder will join the board of TKP as a NED . He said the transaction realises an attractive valuation for the company ’s assets and that franchising played an increasingly important role in the company ’s strategy .