OUTSOURCED SERVICE MARKET NEWS AND ANALYSIS
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Q&A with Lorraine Davis, chair of BICSc and Mitie’s new director of cleaning services
Financial: NHS Test & Trace services boost Serco’s half-year profits
Sodexo gives £1m to SMEs and not-for-profits to fund apprenticeships
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WeWork and Cushman & Wakefield embark on workplace partnership by Herpreet Kaur Grewal
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lexible space provider WeWork and real estate giant Cushman & Wakefield have entered into a strategic partnership to navigate the new post-pandemic world of remote working and flexible workspace.
The partnership intends to provide clients with office operations by combining WeWork’s proprietary platform of workplace experience management software and hospitality experience with Cushman & Wakefield’s asset and facilities management services. Together, WeWork and Cushman & Wakefield will “work to unlock opportunities to provide landlords and businesses with the ability to create a differentiated workplace experience for tenants and employees in the new hybrid world of work where flexibility remains at the forefront”. As a part of the partnership, Cushman & Wakefield will provide $150 million [about £108 million] as an investment in a planned merger between WeWork and BowX Acquisition, which would help to reposition WeWork, which has been near collapse financially in recent years. Sandeep Mathrani, CEO of WeWork, said: “As Covid-19 has fundamentally changed the way people work, businesses and landlords have had to rethink their approach to workspace. Partnering with Cushman & Wakefield will combine WeWork’s industry-leading workplace experience management platform and hospitality-driven community teams with Cushman’s world-class global client and property portfolio to create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce.” Cushman & Wakefield executive chairman and CEO, Brett White, added: “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from the power of two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience.”
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F IN A N C I A L
ISS GROUP UPGRADES OUTLOOK FOR 2021 ON STRENGTH OF INTERIM RESULTS ISS Group says that important milestones have been achieved in its strategy to turn around business signal an improved outlook for free cash flow for 2021. The Dutch-based group’s interim trading results for 1 January to 30 June show organic growth was 0.2 per cent in the first half of 2021 (H1 2020: 3 per cent) and 5.8 per cent in Q2 2021 (Q1: 5.6 per cent), supported by strong solid demand for above-base services, especially deep cleaning and disinfection. Portfolio revenue continues to be affected by generally moderate reopening of global activities after Covid-19 lockdowns, reflecting the wide variations across nations covered by the group. The operating margin (before other items) was 1.5 per cent in H1 2021 (H1 2020: 2.2 per cent) – or around 0 per cent excluding restructuring costs and one-offs. Free cash flow was DKK 1.6 billion in H1 2021 (about £182 million) driven by improved operating profit and working capital development. The group says a large part of the cash flow from working capital is temporary and will result in a cash outflow in the second half of 2021.
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