- Co-work and workspace brands operator IWG said it had entered into an agreement to sell its Taiwanese operations to TKP as part of franchise deal for £22.7m gross.

Both parties agreed an exclusive master franchise agreement for Taiwan, with completion expected to occur in September 2019, but would require approval from the Taiwanese Investment Commission of the Ministry of Economic Affairs. IWG's Taiwanese subsidiaries consisted of 14 flexible co-work centres.

The long term master franchise agreement entered into by the parties provided TKP with exclusive rights to the use of the HQ, Regus and SPACES brands in Taiwan, and allowed TKP to continue to operate the Taiwanese centres under IWG's brands and operating platform.

Proceeds from the divestment would be used for the group's general corporate purposes, the company said.

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