IWG offloads Japanese business for £320m

Serviced offices provider IWG has sold its Japanese operations to TKP Corporation for £320m and entered into an exclusive master franchise agreement for the country. Tokyo Stock Exchange-listed TKP is to acquire 100% of the shares of Regus Japan Holdings and will have exclusive rights to the use of the Regus, Spaces and OpenOffice brands in Japan. TKP will continue to operate the 130 flexible co-working centres under IWG’s brands and operating platform, and has committed to a development plan which will add significantly to IWG’s centre network in Japan. Under the master franchise agreement IWG has committed to provide