Office space giant IWG is aiming to raise £315m through a share offering as it eyes expansion opportunities as rival firms struggle during the coronavirus pandemic.
IWG, which owns Regus, said “the current environment is presenting an increased number of attractive…opportunities to accelerate the growth and development of the business”.
The office provider said sales activity was hit by the coronavirus crisis, as governments around the world ordered employees to work from home.
However, IWG said it expects demand for distributed workspace to increase as customers seek more space to comply with social distancing measures and the benefits of “working closer to home”. It said it is preparing to launch its own working from home product.
IWG said there were also opportunities for expansion through rescue situations and merger and acquisitions, which it expects to increase across the sector.
“Whilst Covid-19 will have a significant impact on the Group during the second quarter and recovery will be largely determined by the pace and scale with which lockdowns are eased globally and the consequent improvement in sales activity, the current environment is presenting an increased number of attractive organic and inorganic opportunities to accelerate the growth and development of the business,” the company said in a statement this afternoon.
The share placing will also be open to retail investors through Primarybid.com.