BT has flogged off its ts global London-based headquarters to a European property fund for nearly £210 million.
The BT Centre building in St Paul’s has now gone to Orion Capital Managers but it will lease back the building for up to 30 months until it finds a new home in London.
The move comes just a month after BT announced it would be closing 90 percent of its UK offices as part of its Better Workplace Programme.
The telco wants just 30 sites out of its existing 300, with Belfast, Birmingham, Cardiff, Edinburgh, Ipswich (Adastral Park), London and Manchester already named as “key locations” that will house its workplaces.
The sale of its HQ and the Better Workplace Programme are both a part of the telco’s restructuring plan which will see it axe 13,000 jobs in order to reduce its operational expenses by £1.5 billion.
The majority of these cuts will be in back-end and mid-management roles and will be offset by 6,000 new hires.
