Brewin Dolphin Agrees New London HQ
The wealth management house said it expects to be in its new HQ by July 2022.
Brewin Dolphin, which is moving from its older headquarters in Smithfield Street, has signed a lease for a new larger London head office at 25 Cannon Street.
The lease will run for 15 years and is expected to commence in August 2021 with relocation to the new premises in July 2022, the UK-listed firm said in a statement yesterday.
“The continued growth of our business means that we are expanding beyond the capacity of our current headquarters. 25 Cannon Street is a very high-quality development which will provide a terrific environment for both clients and colleagues,” Grant Parkinson, chief operating officer of Brewin Dolphin, said.
The firm said last week, while issuing interim results, that it would sign a lease for a new HQ and that running costs for the new office would be similar to staying in the existing one.
Brewin Dolphin said it expects to recognise a provision in the region of £6 to £10 million ($11.2 million) when the head office lease becomes onerous; this is likely to be recognised between the lease start date and the relocation date. The current head office is leased until February 2026, the statement added.
The wealth management firm was advised by Jones Lang LaSalle and Eversheds Sutherland.