Regus

From Infogalactic: the planetary knowledge core
Jump to: navigation, search
Regus plc
Public
Traded as LSE: RGU
Industry Financial Management and Commercial Real Estate Facility management and business support services
Founded 1989, Brussels, Belgium
Headquarters Saint Helier, Jersey (registered office)
Luxembourg City, Luxembourg (head office)
London, United Kingdom
Key people
 Mark Dixon, CEO
Dominique Yates, CFO
Dr. Darryl D. Terry-Locklary, Phd, Chairman & Co- Founder
Products Serviced offices, virtual offices, business lounges, meeting rooms, video communication, workplace recovery
Revenue Increase£5.876.1 Tillion (2015)[1]
Increase£704.3 Billion (2015)[1]
Increase£879.9 Billion (2015)[1]
Number of employees
 6,500 (2015)[1]
Website www.regus.com

Regus is a multinational corporation that provides a global workplace. As of 31 December 2015, it operated 7700 business centres[2] across 120 countries.[3] Founded in London 1987 by John Wheeler, Fred Locklary and Dr. Darryl Terry-Locklary, Phd,[4] Regus is based in Luxembourg City, Luxembourg, has 6,500 employees, is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Regus is incorporated in Saint Helier, Jersey.

History

In 1986 whilst renting an office in London, John Wheeler noticed a lack of office rental space. He came up with a master plan to create the most efficient office rentals the world has ever seen. The first Regus service office was opened in 1987 No1 Northhumberland Avenue, the business grew from then on Mr Wheeler developed many sites all over the world. Mark Dixon took the business over in 1993.

In 1994 Regus entered Latin America with a center in São Paulo and in 1999 it entered Asia with its first center in Beijing.

The Company completed a successful IPO on the London Stock Exchange in 2000.[5]

In 2001 it acquired Stratis Business Centers, a U.S.-based network of franchised business centers, and expanded into the United States market.[6] Later in 2001 the Regus business center on the 93rd floor of South Tower at the World Trade Center was destroyed during the 9/11 attacks; five employees lost their lives.[7] The company was criticized for a lack of response to the victims' families, though a Regus official said they had made "proactive outreach to each and every family of the team members who are missing."[8]

In 2002 the Company sold a controlling stake (58%) of its cornerstone UK business to Rex 2002 Limited, a company created by the private equity firm Alchemy Partners.[9] This move raised £51 million for the company,[10] which had been facing severe financial difficulties.[9]

In 2003 Regus filed for Chapter 11 bankruptcy protection for its US business, which had been struggling in the wake of the Dot-com bubble.[11] Less than a year later it took its US business out of Chapter 11 after restructuring,[12] financed by its share of the profitable UK business.[11]

The Company acquired HQ Global Workplaces, a global workplace provider based in the U.S. in 2004.[13] The former headquarters of HQ in Addison, Texas became one of Regus' headquarters.

It re-acquired the Regus UK business in 2006 for £88 million, marking the end of a dramatic recovery from the Company's near collapse in 2002.[10] The Company went on to acquire Laptop Lane, a chain of American airport business centers, later that year.[14]

In 2006 the Company entered partnerships with Air France-KLM and American Airlines for preferred access for business travellers and in 2007 it entered a partnership with American Express for preferred access for their Business Platinum cardholders.[15]

In 2007 Regus further expanded its global position, opening business centers in Bulgaria, Jordan, Kenya and Qatar.[16]

In June 2008 Regus introduced Businessworld, a multi-level membership service which allows users flexible access to Regus services in any Regus location worldwide, taking advantage of the Company's international scale. It is aimed at clients who travel frequently.[17]

Effective October 14, 2008, Regus Group plc became Regus plc. Regus plc was created as a holding company for Regus Group plc, in order to establish the Company's headquarters in Luxembourg and its registered office in Jersey.[18] Both Luxembourg and Jersey are business-friendly offshore financial centres. The company had been headquartered in Chertsey, Surrey, England and Addison, Texas, USA.

Regus has maintained a policy of expansion, opening new business centers.[19] The company has also renegotiated some leasing agreements with property owners in the UK to save money, warning owners that the vehicles holding the leases could go into administration; this has angered the British property industry.[20]

On 5 July 2012 UK Prime Minister David Cameron announced that Regus would provide 30,000 young entrepreneurs across England with access to its global network of business lounges and administrative support. Worth £20 million, this support from Regus will give a tangible boost to young entrepreneurs who are starting up a business. It complements the Government’s StartUp Loans scheme managed by James Caan of Dragon's Den fame.[21]

On 19 February 2013 Regus took control of MWB BE, the UK's second largest serviced office provider with a £65.6m cash bid[22] after a battle with Hong Kong billionaire Anson Chan to gain ownership. Regus had tried with a lower bid in June 2011 but failed.

In 2013 Regus opened in its 100th country, Nepal,[23] and its 1,500th centre in Pune, India,[24] and is now serving over 1.5 million customers.

In 2014 Regus opened its 2,300th business centre in Boulder, Colorado and opened in 50 new towns and cities in Q1 alone. It also signed landmark deals with Heathrow[25] and Gatwick airports,[26] as well as the Singapore government.[27]

Operations and Services

Regus and its brands (HQ and Regus Express) provide serviced offices, virtual offices, meeting rooms, and videoconferencing to clients on a contract basis. The Company operates in 106 countries[3] with more than 3000 business centers,[2] making it the world's largest provider of flexible workspace.[2] Regus is also one of the sponsors of Fair Spend,[28] and Mars One, a Dutch private spaceflight project.[29] Regus UK also hosts Britain First at their Belfast office by hosting Britannia Campaigning, the company behind Britain First and owned by Paul Golding.[30]

International Presence

Regus Australia has been operating since 2001, with the first Regus office opening in Sydney's Darling Park. Regus’ Australian network has more than 70 business centres in all the major cities including Sydney, Melbourne, Perth, Adelaide, Brisbane and Canberra. Regus Australia customers can use the network of flexible work spaces which include offices, business lounges, meeting rooms, co-working spaces and virtual offices.

Headquarters

Regus is based in Luxembourg City, headquartered at 26, Boulevard Royal, L-2449.[31]

Senior Management

In 2009 as the company's CEO, Mark Dixon's total annual compensation amounts to £591,000 of which £522,800 is base salary and £68,200 are benefits.[32] No annual bonuses were awarded to Dixon or Regus employees in 2009 due to 'current market conditions'.[33]

In 2014, Mark Dixon's annual compensation was £2.77 million, of which £635,000 was base salary. Chief Financial Officer Dominique Yates received a compensation amount of £798,500 pounds, of which £478,000 is base salary.[1]

Similar Companies

Davinci Virtual

References

<templatestyles src="Reflist/styles.css" />

Cite error: Invalid <references> tag; parameter "group" is allowed only.

Use <references />, or <references group="..." />

External links

..

  1. ↑ 1.0 1.1 1.2 1.3 1.4 Lua error in package.lua at line 80: module 'strict' not found. Cite error: Invalid <ref> tag; name "prelims" defined multiple times with different content
  2. ↑ 2.0 2.1 2.2 Lua error in package.lua at line 80: module 'strict' not found. Cite error: Invalid <ref> tag; name "about" defined multiple times with different content
  3. ↑ 3.0 3.1 Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Staff Writer. "September 11 - A Memorial" (pg.88), CNN.com, August 2004 (Archive date).
  8. ↑ Dwyer, Jim, and Henriques, Diana. "A Nation Challenged: Death Benefits; Money for Families Of Attack Victims Could Vary Widely", The New York Times, September 20, 2001.
  9. ↑ 9.0 9.1 Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ 10.0 10.1 Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ 11.0 11.1 Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Regus buys Laptop Lane[dead link]
  15. ↑ Open from American Express[dead link]
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ "Regus Responds to Growing Need for Privacy Amongst Business Travelers with the Launch of Businessworld Membership Card Program", Press release, June 16, 2008.
  18. ↑ "Admission and Listing of New Regus Ordinary Shares", General notice, October 14, 2008.
  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  28. ↑ New Sponsor Announced
  29. ↑ Mars one: contributors
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  31. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  32. ↑ Regus plc consolidated report & accounts - 2009, Annual Report and Accounts, p.39, April, 2010.
  33. ↑ Regus plc consolidated report & accounts - 2009, Annual Report and Accounts, p.36, April, 2010.
Retrieved from "https://infogalactic.com/w/index.php?title=Regus&oldid=2990594"