Global flexible workspace provider IWG has bought New Zealand co-working firm BizDojo. IWG is the owner of workspace companies including Regus, Spaces, No18 and Basepoint. It already has a presence in New Zealand with 14 Regus locations in Auckland, Wellington and Christchurch. ​New Zealand country manager Pierre Ferrandon said IWG was pleased to have the opportunity to support an entrepreneurial New Zealand company that had grown something original from the ground up. "IWG is very pleased to support this fantastic Kiwi concept with our global network, resources and experience," Ferrandon said. "BizDojo has gained a significant following over the years. Bringing it into our network offers New Zealand businesses greater variety, with more, character-filled locations. Our growing network in New Zealand enables our customers to work however and wherever they want, with more workspaces on the way." READ MORE: * Bizdojo Auckland in liquidation, owes $340k to Ateed * Co-working space provider BizDojo expands in Auckland BizDojo co-founder Jonah Merchant said the team was looking forward to working with IWG and benefitting from its global reach and expertise. "Digitalisation and new technologies are transforming how people work. As a result, people are waking up to the personal productivity benefits of being able to live and work how they want," Ferrandon said. "Businesses are also increasingly understanding the financial and strategic benefits to be gained from using flexible workspace to ensure they always have the right space at the right time in the right locations for their employees. These trends are increasing demand for collaborative and inspiring workspaces and communities globally, and here locally in New Zealand also." BizDojo Group shareholder Tim Norton earlier paid $100,000 to Auckland Tourism, Events & Economic Development (Ateed) in a failed bid to buy time to complete the sale of the business and avoid liquidation. Norton said the co-working space company's ambitious decision to open four new Auckland sites last year "pushed too far" and it was now paying the price. Norton's personal payment to Ateed bought BizDojo an extra three weeks to complete the company's sale, he said. BizDojo Auckland, a separate entity set up by Bizdojo Group to hold the sublease and operating contract for Ateed's GridAkl site in central Auckland CBD is in liquidation. Ateed would not comment on the payment, referring all questions to KordaMentha liquidators Brendon Gibson and Neale Jackson. Ateed spokeswoman Amy Robens​ said the organisation wanted the liquidation process to run its course without interference. BizDojo Auckland owes $341,000 to Ateed in unpaid rent, the first liquidators report said. It was placed into voluntary administration on December 6 and Ateed took over BizDojo's contracts. Ateed voted to have BizDojo Auckland liquidated on January 19. Bizdojo changed its name to BDG Group that same day. Norton said he and BizDojo's three main shareholders Jonah Merchant, Nicholas Shewring​ and Lachlan Sloan, worked with its creditors, including Wellington City Council, as it sealed the sale deal. Norton put another $220,000 into BizDojo to fund it through the sale process. He said every creditor, except Ateed, accepted the sale of BizDojo to keep its co-working spaces operating in Auckland, Wellington and Christchurch. "[Ateed] did not want to be part of the deal and that is okay. Instead we reached a deal with them where a business was given to them." Under that agreement BizDojo forfeited its lease at the GridAkl business precinct and its service agreement to operate events there. Norton said the GridAkl site worth more than $1 million. "That is how they will get back the $340,000 and more."
Shared workspace provider IWG has acquired New Zealand co-working firm BizDojo , which was facing financial problems. The start-up's decision to open four sites in Christchurch last year was too ambitious, according to one of its main shareholders, and it was left facing liquidation before the sale was agreed. A subsidiary, BizDojo Auckland , was liquidated in last year , owing Neale Jackson ($ 340,000 ) to the landlord of its site. The sale to IWG should allow the company's other sites in Auckland , Auckland and Christchurch to continue operating. IWG already has 14 sites in New Zealand .