Guy Hands’ Terra Firma is the latest private equity firm to show interest in a FTSE 250 provider of flexible office space, as buyout houses look to capitalise on changes to the way companies use their workspace.

IWG, which owns brands including Regus, has confirmed reports that it received an approach from Terra Firma about a possible cash offer. The board is now weighing the approach up alongside its advisers, JPMorgan and Investec.