Office rental firm IWG looks to snap up more sites of rival WeWork

(Reuters) – IWG is looking at acquiring more of collapsed rival WeWork’s sites, the office rental firm’s top boss Mark Dixon confirmed on Tuesday.

The news comes a day after WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection.

Switzerland-headquartered IWG, which owns the Spaces and Regus brands, declined to comment on further details about the exact number of sites or locations.

The firm has already taken over a few WeWork sites, according to Dixon, while Bloomberg reported it acquired a few last week.

Earlier on Tuesday, IWG posted a 7% rise in third-quarter revenue to 736 million pounds ($904.99 million) and affirmed its full-year targets, as hybrid working demand stays put.

Shares in the mid-cap company were up 3.2% at 1248 GMT.

($1 = 0.8133 pounds)

(Reporting by Eva Mathews in Bengaluru; Editing by Janane Venkatraman)