Regus shaping up with Global

OFFICE rental giant Regus cut first-half losses after trimming costs and filling more sites at higher prices.

Pre-tax losses in the six months to 30 June fell from £20.3m to £7.8m.

Regus emerged from bankruptcy protection in the US last year after 11 September led to a glut of commercial property. The trend in the US and Asia-Pacific has now reversed.

Last month, Regus tied up its £163.5m acquisition of former US rival HQ Global Holdings, which counts Google, American Express and Nasa among its clients. It reined in costs, shed weaker sites and is now the world's biggest provider of outsourced offices.

Chairman John Matthews said it had 'created a platform for growth and profitability'.