Wed | Sep 26, 2018

PanJam negotiating equity stake in Regus

Published:Friday | August 31, 2018 | 12:00 AM
Stephen Facey, Chairman and CEO of PanJam Investment Limited.

PanJam Investment Limited is still negotiating with the Caribbean arm of Regus, the international office rental company, for an equity stake.

The conglomerate was instrumental in bringing Regus to Jamaica but has no direct holding in that operation, which recently launched into business from the ninth floor of the PanJam building in New Kingston and may expand to other locations based on initial demand.

"PanJam is finalising an equity stake in Regus' Caribbean partner," said PanJam CEO Stephen Facey. "As such, we do not operate the Regus franchise in Jamaica," he said.

Regus provides flexible office rental rooms in over 1,500 business centres globally and has been in operation for more than two decades. It's part of the IWG group of Switzerland.

"I believe that Regus' plans for additional locations in Jamaica will be based on demand for its products and services, which are expected to appeal to a wide target market as the desire for a more dynamic work environment grows," said Facey. The company offers hourly, daily and monthly rentals for offices, desks and meeting rooms.

The size of the virtual office market in Jamaica is unknown. Regus appears to be the first foreign company to enter the market locally.

steven.jackson@gleanerjm.com