Serviced office group IWG (LON:IWG) has received a bid from private equity firm Terra Firma, the latest in a flurry of interest for the group.

IWG, previously called Regus, has seen approaches from US property firm Starwood Capital, UK private equity firm TDR Capital and US buyout firm Lone Star but no deals have been signed. At the end of last year, Canadian private equity firm Onex and Brookfield Asset Management also made a joint approach which was rejected by IWG.

The serviced office sector has been hotting up of late, facing increasing competition from the likes of WeWork, which is backed by SoftBank and has been valued at $20 billion.

IWG has offices in about 3,000 locations in 114 countries around the world, operating under brands including Regus and Spaces.