It would be a remarkable resurrection on the other side of the Atlantic for Mr Dixon, who was forced to place his American business into Chapter 11 bankruptcy protection in 2003.
Earlier this year, the company sold its Japanese operation to TKP for £320m in cash, with IWG's 130 offices in the country continuing to be operated under the country's brands.The franchising arrangement allows IWG to generate fees from tenants without owning the underlying property assets. "We think that is what will appeal to shareholders," he said at the time of IWG's half-year results earlier this month.Last year, just over one-third of IWG's global revenue of £2.5bn came from its US operations, while the company has just over 1.000 locations in the country, making it the group's largest single market.
It is the latest in a series of plots hatched by Mr Dixon in his attempt to unlock value from IWG's portfolio.Over the last two years, he has held talks with a multitude of potential bidders for the company, including Brookfield Asset Management, Starwood and Terra Firma Capital Partners, the buyout firm run by Guy Hands.Since then, IWG has explored a sale of Spaces, its design-led flexible workspace division, but again opted not to finalise a deal.
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Source: The Independent - 🏆 80. / 59 Read more »