Start-ups by sacked workers give a boost to City rentals

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Chief executive Mark Dixon said occupancy levels at its 14 serviced offices in the City was running at 90% — way ahead of his expectations — thanks to the new entrepreneurs' need for relatively cheap, flexible office space.

"We thought the City would be much weaker, but it's a dynamic place," Dixon said. "Many people are bouncing back with their own niche business ideas."

The huge pool of skilled unemployed financial workers is also tempting foreign companies to start up small operations in the City using Regus's office space.

Dixon said he was now looking at opportunities to expand around the world, particularly in Asia, Eastern Europe and the US.

Dixon hiked the interim dividend 33% to 0.8p a share as a sign of his confidence despite operating profits for the six months to 30 June being down 8% at £74.4 million.