The workspace company behind the Regus brand has sold its Japanese business in a deal that marks the start of a shift towards a new franchise business model.
IWG said that it had struck a partnership with TKP Corporation, under which the Tokyo-listed company had paid £320m in cash for 130 co-working centres.
The deal also involves a long-term franchise agreement, providing TKP with exclusive rights for the use of IWG’s Regus, Spaces and Open Office brands in the country.
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