Regus to relocate overseas

Office design news from Morgan Lovell

Published on 05-09-2008

Serviced office provider Regus is to follow the lead of a number of large UK firms in relocating its head offices outside the UK.

The Financial Times reports that the FTSE 250-listed company is to create a new UK-listed, Jersey-incorporated holding company with its main office interiors in Luxembourg.

Its decision follows an earlier announcement this week that Charter, an engineering firm currently based in England, is to relocate its main offices to Ireland due to what it believes to be an unfavourable tax system in the UK.

"Tax was one of the considerations and an important [factor in the decision]," commented Mark Dixon, chief executive of Regus, to the newspaper.

In other news, the current financial climate is taking its toll on many other UK businesses with a number of major office design developments having to be put on hold in recent weeks.

For example, the Contract Journal recently reported that in London up to 750,000 sq ft of new office interiors has been delayed due to a lack of demand as well as funds.