Regus, the serviced offices provider, has bought the 58% of its UK business that the group did not own for £88m.

It bought the stake from Rex 2002, a company run by fund manager Alchemy Partners. Regus has raised the money from the Royal Bank of Scotland, Lloyds TSB and National Australia Bank.

Regus is the biggest service office provider in the UK, with 91 business centres, 25,000 workstations and occupancy levels of 70%. It has returned to profit after a difficult period when the commercial office market was weak.

In 2005 the group made a £38.7m pre-tax profit compared with a £4.9m loss in 2004. Chief executive Mark Dixon said that gaining full control of the UK business would bring it in line with the rest of the group.