Workplace provider Regus is on the move: it's setting up a new holding company outside the EU.
The new firm in Switzerland is called International Workplace Group (IWG), as the firm looks to provide a range of "flexible work solutions" across a range of brands.
While the holding company will be incorporated in Jersey, the HQ will be in Switzerland, moving from its current abode in Luxembourg.
The FTSE 250 firm said:
There continues to be some medium- to long-term uncertainty surrounding the future shape of the EU and in particular its increasingly complex legislative environment.
As Switzerland is outside the EU, the board considers there may be advantages from being domiciled there.
As Regus has expanded its global presence, more of its senior management have been based in the country as the financial control and procurement side of things are run from there.
All of the directors of Regus have been appointed to IWG's board.
In terms of its results, revenue was up 8.1 per cent to £1.6bn for the nine months up to 30 September (at a constant currency basis), while its third quarter revenue was up 3.1 per cent to £566.9m. The firm added 56 new locations to its global network. Net debt fell from £173.8m at the end of June to £158.1m.
It is opening a fifth Bristol location next year.
Regus said it was "confident of delivering a full-year performance in line with management's expectations".
Shares rose 1.45 per cent to 245.2p this morning on the back of the announcement.