Marylebone Warwick Balfour moved to avoid any collateral damage, by emphasising that its MWB Business Exchange venture - in which it holds a stake of just over 63 % - accounted for little more than a quarter of its overall business. But in a Stock Exchange statement it said the division was 'performing in line with expectations.'

MWB Business Exchange does not have any US or Asian operations, and 50% of its workstations are in London and Paris. Current average occupancy levels in these markets are at 80%. Chief Executive Richard Balfour-Lynn said: 'We have been aware of the potential for a global economic slowdown and our business plan has for some time taken account of a more challenging environment.'

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