Regus sees annual losses widen

Troubled British office provider Regus today said annual losses had widened in 2002 but added it was taking steps to secure a successful future for the business.

Reporting results for the year to December 31, which chairman John Matthews described as the most challenging in Regus’ history, the company said it was exploring ways of addressing its remaining loss-making businesses.

The largest of these, in Germany, is currently being restructured.

The Chertsey, Surrey-based company is aiming to emerge from Chapter 11 bankruptcy protection in the US once it has returned to profitability.

Recently linked to speculation about a possible takeover by Indigo Capital, the group entered Chapter 11 in January to give itself a safe haven from creditors and time to reorganise.