Dixon, who now lives full-time in America with his family, is weighing up whether to have a rights issue to fund the acquisition of Dallas-based HQ. A successful deal would seal a remarkable comeback for Dixon, who has experienced the full gamut of emotions in running a quoted company.
At the peak of his success his stake in Regus was worth £1.3 billion, but it proved to be short-lived. The company became one of the big victims of the economic downturn and at its lowest point the value of his stake fell to just £33m.
The City will be surprised by his willingness to return to the acquisition trail in America. Last year he was forced to put his American division into Chapter 11 after it was brought to its knees by the slump. HQ suffered the same fate.
HQ has been in Dixon’s sights for a long time. Three years ago he attempted to merge the two companies. At that time the deal would have valued HQ at $650m. Last year he reopened talks, but they foundered again. If the deal is successful this time it will not involve the British arm of HQ, which is owned by Peter Kershaw, the property entrepreneur, and George Soros, the financier.
There have been mutterings in the City that JP McManus and John Magnier, the Irish tycoons, have held talks with Dixon to back a rights issue. The market value of Regus has recovered to £383m and, after a capital injection from new investors, Dixon’s stake has been reduced to 47%. Regus is expected to confirm to the stock exchange tomorrow that it is in advanced talks with HQ.