Regus will operate three buildings formerly managed by troubled serviced office provider Stonemartin.

The joint venture partnership between Morley and Hermes owns the buildings and Stonemartin revealed yesterday that the partnership had terminated the management agreement for the buildings.

It accepted £7m in compensation to vacate the sites early, but its future hangs in the balance after it revealed it is undertaking a strategic review which could see it wound up or taken over by another company.

Partnership

The three sites to be operated by Regus are in Birmingham, Manchester and Reading, and total around 200,000 sq ft.

Mark Dixon, chief executive officer at Regus, said: ‘We are very excited about the opportunity to work with Morley and Hermes which further strengthens our market-leading position in the UK.

‘We are delighted that our partnership with Morley and Hermes enables us to provide our clients with yet more options in three high quality buildings in the heart of three major UK cities. These centres are a great addition to our network.’

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