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 Starwood Capital intensified late on Last year , as reports emerged that Guy Hands , the private equity group founded by Terra Firma , had approached the company about launching a bid. IWG has confirmed that it is evaluating a possible cash offer from the private equity group. The workspace operator is currently also in discussions with IWG and TDR.