Last checked at 17 Jul 2019 07:00
RNS Reach
17 July 2019
NEW LONDON OFFICE
The move is set for 2020, consolidating London offices to a single site
Brooks Macdonald is pleased to announce it has signed an agreement to lease a new London office at 21 Lombard Street. The lease is for six years with relocation to the new premises in the second half of the Group's financial year ending June 2020 (FY20). The Group's two current London offices at Welbeck Street in the West End and Bevis Marks in the City will consolidate into the new central location.
Caroline Connellan, chief executive of Brooks Macdonald said "Bringing our London-based teams together at 21 Lombard Street is an important step in delivering our growth ambitions. It will allow us to provide an improved experience for clients and advisers, and a better environment for our people - supporting employee engagement, collaboration and wellbeing. This move is a significant milestone for our business and it is pleasing that we have been able to do this at a lower operating cost than today."
The move will deliver cost efficiencies and these will be invested back into the business to elevate the client experience and drive delivery of value enhancing growth. For the period of the fit out, the Group will incur additional costs of c £1.2m from running multiple sites, and the intention is to exclude this from underlying profit in FY20. Exit costs will not be material, since the current office leases expire in March 2020.
The registered office of the Group will remain at its current Welbeck Street address until relocation.
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Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had Discretionary Funds under Management of £12.8 billion as at 31 March 2019.
Brooks Macdonald offers a range of investment management services to private high net worth individuals, pension funds, institutions and trusts. The Group also provides financial planning as well as offshore investment management and acts as fund manager to a regulated OEIC providing a range of risk-managed multi-asset funds and a specialised absolute return fund.
The Group has thirteen offices across the UK and the Channel Islands including London, East Anglia, Hampshire, Leamington Spa, Manchester, Taunton, Tunbridge Wells, York, Scotland, Wales, Jersey, and Guernsey.
Contacts
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Reg Hoare / Simon Hockridge / Charlie Barker
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