Coworking world number 1 player IWG plc‘s breakneck growth strategy led in 2023 to a record revenue level and a record net loss.

The revenues of the mother company of Regus and Spaces. offices | co-working | meeting rooms. hit a historical height of GBP 3.3 Bio (+10% year on year).

Over the last year, IWG has doubled its new openings rate, “almost all with no” capital expenditures. The group added a record 867 locations globally in 2023, with 95% in its partnership model.

IWG reported a loss after tax of GBP 216 million (2022: GBP 73 million) from continuing operations in 2023. “Investment in new hubs was GBP 55 million during 2023, which was a “fraction of previous expenditure” and expected to decline further in 2024.”

Overall, IWG operates close to 4.000 locations worldwide.