“The market is moving fast, we want to move faster. That’s where franchising comes in.”
So says Steve Holloway, UK Development Director at Regus, who says that the company is seeking to capitalise on the franchise opportunities that are readily available, whilst demand for flexible space is high and continuing to grow.
Speaking in a promotional video for Regus’s newly launched franchise model, Holloway makes the company’s UK growth objectives clear by stating that they are “setting out to grow a true regional and national network” amidst exponential growth in the demand for flexible workspace.
Regus is already working with Acca Office Ltd, its first franchise partner, which will see the development of 10 new Regus locations over the next four years. Now the company is actively seeking more partners to help it enter new markets and “dial up the pace of growth of the Regus brand throughout the UK”.
According to Holloway, their near-term goal is to sign up another 5 franchise partners in the next 6 - 9 months but ultimately, Regus plans to work with as many as 25 franchise partners, which could each operate “very sizeable businesses” in the region of 30-50 centres, regionally clustered.
Back in 2000, Regus attempted to set up a franchise model with very limited success. 18 years on, the flexible workspace market -- along with the Regus brand -- are considerably stronger, with demand continuing to grow at pace.
Indeed, the value and recognition of today’s flexible workspace market, combined with the success of numerous franchise partnerships in the U.S. such as Office Evolution and Serendipity Labs, means that Regus is in a much more favourable position to make the model work this time around.
Richard Morris, UK CEO at Regus, says that space-as-a-service is “the biggest trend in commercial real estate” and partnerships with companies like Acca will enable them to accelerate growth in many new locations nationwide.
“Using franchising, we could partner with people in towns and cities where we don’t currently have coverage, and I think that will give us great success in continuing to develop our network.”
Watch the video in full here: