Terra Firma, the private equity group founded by Guy Hands, is understood to have approached IWG about a possible bid, setting up a potential three-way battle for the FTSE 250 office provider best known for its Regus brand. Starwood Capital and Prime Opportunities, the American property investment groups, and TDR Capital, the British private equity fund, have already made bid approaches to IWG. IWG, which also runs Spaces, the co-working group, operates in 3,000 locations across 115 countries. Mark Dixon, its chief executive, founded Regus in 1989 and owns 25 per cent of IWG. The battle for IWG comes as interest grows in the flexible workspace industry as working habits change and demand for office providers grows. Last year Wework, an American co-working start-up, secured
The battle for IWG intensified late on 23 June, as reports emerged that Terra Firma, the private equity group founded by Guy Hands, had approached the company about launching a bid. On 24 June it was announced that Terra Firma would be taking over from IWG’s existing management team and board of directors. The workspace operator is currently also in discussions with Starwood Capital and TDR.