Regus back with £40m Business Exchange bid

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OFFICE rental firm Regus has tabled a £40 million bid for London’s largest serviced-office provider.

The deal to buy MWB Business Exchange will add 64 business centres across the UK to its network.

Business Exchange, which employs about 500 staff, is 75 per cent owned by MWB Group – the company behind Malmaison and Hotel du Vin hotels that collapsed into administration in November after failing to secure a refinancing of the business.

Business Exchange and the Malmaison and Hotel du Vin chain were unaffected by the failure of MWB.

Regus withdrew a previous £60m offer for Business Exchange in June 2011 after its target refused to “engage in meaningful discussions”.

Regus is hoping to secure a further slice of the London market though the Business Exchange takeover.

Business Exchange was formed in 1996 by MWB, formerly known as the Marylebone Warwick Balfour Group, through the acquisition of five serviced office centres. It has since grown to become the biggest serviced office provider in London.

But MWB’s administrators Deloitte said they will put the 75 per cent stake owned in Business Exchange out to tender for eight weeks to give other suitors the chance to table a higher offer.