News on 19 September 2000
Regus is understood to be announcing a dual flotation on the London stock
market and Nasdaq, which is expected to value the company at over £1bn.
The UK based office service provider attempted to float on the London
market last year but cancelled at the last minute because the group failed
to convince institutional investors that it was worth the then valuation
of £1bn.
Regus was founded in 1992 by chairman Mark Dixon, who owns 70% of the
company. It claims to be the largest global provider of serviced offices
by turnover and number of countries of operation, and has grown from a
base of 11 centres in 1992 to owning 270 properties in 45 countries.
According to the FT, Dixon has said the company has addressed City concerns
about its ability to generate profits and is ready to go ahead with the
floatation, subject to market conditions. A spokesperson for Regus would
neither confirm nor deny the rumours.
If the floatation takes place it is expected to raise about £250m
and the funding will be used to continue Regus’ rapid US expansion.
Last year’s performance together with the appointment of Stephen
Stamp as finance director, formerly of Shire Pharmaceuticals, has been
broadly welcomed by institutional investors. Stamp was involved in the
preparation for the group’s flotation on the London stock market
and for its listing on Nasdaq.
