SEC Newgate's new London office will 'save €1m a year'

SEC Newgate has signed a lease for a London office that it says will be more sustainable and bring savings of about €1m a year.

New office: expected to help SEC Newgate's goal of securing BCorp status
New office: expected to help SEC Newgate's goal of securing BCorp status

SEC Newgate's new site is a c.14,000ft2 self-contained building in Farringdon. It has been taken on a new 10-year lease, with a five-year, tenant-only break clause.

The building will house all the group's UK agencies, including SEC Newgate UK, which was formed earlier this year from the formal merger of SEC Newgate and public affairs specialist Newington. It will also house part of the group's finance and corporate function.

The relocation of operations from the current sites in Basinghall Street near Moorgate, and Southwark – Newington's former office – is expected this autumn. Leases on those sites end in January 2022 and July 2021 respectively.

The estimate of annual savings of €1m is based on lower rent, rates and service charge on the new offices compared to the combined cost of its existing buildings.

Emma Kane, deputy group chief executive and CEO of SEC Newgate UK, said: "Our new offices are an important part of our mission to attract and retain the highest calibre people by providing a stimulating environment that is able to adapt to a new way of working and collaborating with our clients and contacts. The space provides us with an environment to focus, meet, collaborate, and innovate.

"It is also an important step in our mission to secure BCorp status for SEC Newgate UK over the coming year, by moving to an office environment that has a smaller carbon footprint and which enables us to deliver on our sustainability commitments."

Regarding expectations of employee attendance at the new space, the company said: "Our intention will be for one fixed day and two flexible days in the office and this will be flexed around client and team needs. This has all been based on several staff surveys over the last 15 months."

The difference in total size has not been provided, but SEC Newgate said there will be "more usable space than at present".

SEC Newgate chief executive Fiorenzo Tagliabue said: "Our new offices in London provide a far more dynamic and appropriate workspace, combined with the highest quality technology, that will deliver positive benefits to our team, clients and shareholders. We are delighted with the further savings that have been achieved which will drop straight to our bottom line."

SEC Newgate plans to rebrand all its agencies SEC Newgate by the year end, excluding consumer-focused Publicasity.

Last month the group, which formed in September 2019 from the merger of Porta and Italian group SEC, said it planned to make its first dividend payment of 0.5p per share after outperforming its original budget for 2020.

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