Commercial property firm announces plans for new scheme in Exeter

A national commercial property firm has announced plans to open a new office in the South West.

IWG, which owns the Regus and Signature Brands, has announced it is opening new offices in Exeter.

The news came as the company reported record revenues for the first half of the year.

The company  it would be opening a new workspace under its HQ brand in the first quarter of next year at the Matford Business Centre,

The 10,990 sq.ft office is in south of the city and within three miles of Exeter Airport.

The property will be IWG’s fourth in the area, and comes as the group looks to add 1,000 new locations over the next year.

Chief executive and founder Mark Dixon said: “We are establishing a stronger and more diversified footprint in Exeter with this latest opening. As an important business hub for the UK, Exeter is a fantastic place for us to boost our expansion plans.

“The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal. We are very pleased to work in partnership with Matford Business Centres to develop the HQ brand under a management agreement that will add a cutting-edge workspace to their building.”

The moves comes as IWG reported its revenue had increased by 14 per cent to just under £1.7bn in the six months to the end of June.

IWG made a pre-tax loss of £70m, unchanged from the year before, while operating profit increased by 154 per cent to £94m.