IWG, which is what we must now call Regus, the provider of temporary office space, went through a transformative year in 2016, which was reflected in a volatile share price. Up 5¾p at 330½p, the shares are only now back to where they were last August and are still well below their peak of above 350p at the end of 2015.
The change in strategy was twofold. The company switched to a lower-cost operating model and fewer layers of management, which saved about £100 million a year. It is increasingly going down the partnership route, co-investing with existing property investors rather than going it alone.
At the same time Mark Dixon, the founder and chief executive, sold shares worth about £100 million in the autumn.