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Home working prompts Brewin Dolphin to abandon HQ relocation plans

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Calls for the government to share some tax revenue with devolved administrations - such as in London - have been backed by organisations in the capital.
Calls for the government to share some tax revenue with devolved administrations - such as in London - have been backed by organisations in the capital.

Wealth manager Brewin Dolphin has scrapped plans to move its headquarters into the City after more staff adopt flexible working.

The company first announced plans to move its head office in November 2019, according to a statement published yesterday. Brewin Dolphin said the original plan, formulated two years ago, was to move from Smithfield Market into a new site on Cannon Street and opposite St. Paul’s Cathedral in 2022.

But the rise in home working, induced by the pandemic, has prompted the wealth manager firm to change its plans and scrap the relocation which was reportedly going to cost up to £10m, following a “post pandemic” review of its office spaces.

In a statement the company said “it has decided to remain in its current office in Smithfield, as it has the capacity to fulfil its current needs and future growth”.

Brewin Dolphin, which manages £48.7bn of funds, said it has agreed terms with law firm Dechert LLP to take three floors, rather than the planned five, at Cannon Street instead and “is in discussions with other interested parties” about the other two floors.