The new IWG treasury team was created in 2024 after a new group treasury director joined the company at the end of 2023. The team started with three team members (group treasury director and two treasury managers located in Switzerland and the US) and with the development of a London-based team has evolved into a team of seven (deputy group treasury director, treasury manager, treasury manager for guarantees and treasury analyst).
IWG, a workspace provider, is a complex organisation located in more than 120 countries with thousands of legal entities and hence bank accounts. It runs an in-house banking structure with an active intercompany netting system. On top of running a treasury with such complexity, in 2024 the group needed to do a full refinancing that included an inaugural rating and bond issuance.
The team had to hit the ground running with most of the team having never worked together previously and have built a team that is adaptable, quick to learn and keen to add value to the organisation.
Achievements delivered during the year include a rebasing of its RCF, a full refinancing including achieving an IG credit rating ahead of executing a bond issuance, the complex migration of more than 200 bank guarantees as a result of the refinancing, execution of an FX forward hedging programme and cross-currency interest rate swaps, and the implementation of a cloud-based group payments system.
To quote the group’s CFO: “The IWG treasury team has been highly impressive, not only has the team been built from foundations but it also executed a succession of complex transactions which put the company onto solid capital structure foundations for the next half decade. There is a high level of complexity within the group and for a new team to understand that and be able to deliver within a relatively short timeframe is a key achievement of the team. There is a clear vision in the team and they are demonstrating the energy to deliver on their vision.”
The well-rounded IWG treasury team covered all aspects of treasury, growing from a small to a medium-sized team over the space of a year. They have delivered an impressive and strategic volume of work while still being relatively new to the business
