IWG capitalises on competitor misfortune

IWG is looking to scoop up customers from one of its troubled competitors to round off a good year.

B2B franchise IWG has been reflecting on the troubles of its competitors and working out how it can expand tactically to avoid the same fate.

Earlier this year, co-working and serviced office business WeWork faced controversy following its IPO scandal, which saw its CEO step down and more than $37 billion wiped off its value. Other business space operators, like B2B franchise IWG, have been discussing how they can help to move the industry forward following this.

Mark Dixon, CEO of IWG, said: “There is a possibility some WeWork tenants could be concerned about the headlines and worried about potential disruption to their businesses.”

He added that some tenants of WeWork offices may consider moving their teams to buildings run by more experienced office operators, like IWG, in the wake of the controversy.

IWG has been focusing its expansion strategy on the acquisition of smaller co-working firms, such as the Clubhouse, which it purchased last month. The franchise has experienced a 9.4 percent growth in revenue, to £692.3 million, during the third quarter of the year and has reduced its debts by more than £133 million. Dixon also explained that the office space operator is looking to sell off some of its international operations, which will allow it to reduce its debts even further and let it concentrate on its franchising programme across the UK.

Since 1989, IWG has been operating office spaces across the world and now has more than 3,400 sites across 120 countries. More than 2.5 million people occupy its high-quality buildings, which offer spacious, modern bases from which businesses can thrive. If you’re interested in becoming a franchise partner, find out more by clicking the link above.