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The rise in hybrid working has seen one of the UK's biggest wealth managers scrap a plan to move into a new City of London head office.
In 2019 Brewin Dolphin announced it planned to leave its premises next to Smithfield Market just west of the City for a site on Cannon Street close to St Paul's Cathedral. It was to move in during 2022.
About 700 of the firm's 2,000 employees worked at the Smithfield site prior to the Covid pandemic. Larger offices had been sought because of increases in headcount.
But now the 1762-founded UK FTSE 250 firm has now revealed that the flexible working revolution has caused it to ditch the £10m plan – a sign that the rise of hybrid and flexible working during the pandemic is being seen by businesses as a permanent trend.
Brewin said: “Having subsequently evaluated office space requirements post pandemic, which includes a more flexible working model for staff, the firm has decided to remain in its current office in Smithfield, as it has the capacity to fulfil its current needs and future growth.”
It said Dechert, the law firm, had agreed to take three of the floors at the Cannon Street site and that it was in talks with other interested parties for the rest of the space.
Brewin Dolphin manages £56bn in funds primarily for high net worth clients.
The company’s move chimes with decisions made by some of the UK's biggest banks, which announced plans to reduce office space earlier this year, a bet that remote work is here to stay even after the pandemic ends.
HSBC in February announced plans to cut its global real estate footprint