Brooks Macdonald to consolidate London teams in new City office
Moving from two existing locations
Brooks Macdonald is bringing all its London-based teams together under one roof in a new London office in the City at 21 Lombard Street.
The wealth manager will relocate to the new premises in the second half of its financial year ending June 2020, with the lease taken out for a period of six years.
At the same time, its existing two London offices at Welbeck Street in the West End and Bevis Marks in the City will consolidate into the new central location.
CEO Caroline Connellan (pictured), said the move is "an important step in delivering [the group's] 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," she said.
"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."
Brooks Macdonald set to cut 50 jobs in £4m cost savings
The group said the move will create cost efficiences, which will be re-invested into the business.
However, there will be an additional cost of £1.2m during the period of the fit out as a result of running multiple offices - which Brooks Macdonald intends to exclude from its underlying profit for the 2020 financial year. The exit costs are not expected to be material, as its current office lease expires in March 2020.
The wealth manager's registered office will remain at its current Welbeck Street address until relocation.
