Belfast Telegraph

BT to sell £210m HQ and cull 270 offices

Telecoms giant BT has agreed a £209.6m deal to sell its London headquarters as it ploughs on with a radical overhaul of its offices.
Telecoms giant BT has agreed a £209.6m deal to sell its London headquarters as it ploughs on with a radical overhaul of its offices.

By Holly Williams

Telecoms giant BT has agreed a £209.6m deal to sell its London headquarters as it ploughs on with a radical overhaul of its offices.

A real estate fund managed by private equity firm Orion Capital Managers is buying the building in St Paul's.

The deal includes an initial agreement for BT to lease back the 300,000sq ft building for 30 months, allowing it time to move to a new location in the capital. BT said it would announce details of its new headquarters "shortly".

It comes as part of the group's sweeping shake-up announced last month that will see 270 offices closed. The consolidation plan - the biggest of its type in the UK - will see 300 offices reduced to 30 by 2023, although BT stressed that no jobs will be lost as a result of the move.

BT, which has 3,230 staff in Northern Ireland, confirmed its Belfast building would be preserved as one of 30 locations described as "workplaces for the future".

The future for 500 staff in offices in Londonderry and Enniskillen is less clear.

BT has previously said while it is cutting around 13,000 staff, it is also hiring about 6,000 people under a drive to save £1.5bn over three years and modernise the business.

Belfast Telegraph

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