Brooks Macdonald announces plan for new London office
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Caroline Connellan
Edinburgh-based wealth manager Brooks Macdonald has announced 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.
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 firm said the move will deliver cost efficiencies and which 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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