MWB Business Exchange, the UKs second biggest provider of office space, is benefiting from recession-hit companies saving money by using its services as an alternative to fixed premises, its CEO told Reuters. MWB, which provides office space in the West End and City of London, on Thursday reported a 5 percent increase in 2008 pretax profit to 14 million pounds ($20.43 million) on revenues up 19 percent to 118.7 million.
"Youve got a lot of businesses, especially in these times, that are thinking: "God, I dont know what my business is going to be like in 3 weeks let alone 3 years so why make a long-term commitment if I dont have to," MWBs CEO John Spencer said.
Last week, the worlds biggest provider of office space, Regus, reported a 25 percent rise in 2008 pretax profit, saying it had attracted new customers looking to reduce their fixed-costs to preserve cash in the recession. Spencer said companies can make cost savings of up to 30 percent by locating staff in its business centres. He said MWBs services had proved particularly popular with larger companies downsizing as well as start-ups unable to commit to a long-term lease.
Comments
Comments are closed.