Ince & Co has signed a new 17 year office lease and will reduce costs by moving into a smaller office in Algate Tower at the end of March 2016.
A spokesman for the firm said while reduced costs were a benefit of the move, the purpose of shifting was to get closer to its shipping and insurance clients in the City.
The new 35,000 sq ft office is smaller than Ince & Co’s current office of about 64,000 sq ft, but the firm has not reduced its headcount, space would simply be used more efficiently. Ince & Co’s current office at International House had been too big for some time, the spokesman said, adding that it was really only using about 45,000 sq ft and the rest had been taken back by International House.
While Companies House filings show Ince & Co LLP spent £2.5m on its operating lease in 2013/14, but it is not known how much the firm is paying annually for its new office. Any savings could help the firm’s flailing bottom line, which was down this year for the second year running.
This year Ince & Co posted global revenues down by 8% to £79.4m from the £86.7m posted in 2013/14. In April, the firm’s headcount was cut after it restructured its partnership and support staff with six partners and ten secretarial staff set to depart. The firm’s UK revenue for 2014/15 came in at £47.5m, dropping 9% from £52.2m.
The firm’s international senior partner Jan Heuvels said: ‘After 10 years in International House, our current premises have become out-dated and no longer suitable for our needs. Aldgate Tower brings us even closer to the London shipping and insurance markets and reinforces our long-term commitment to our clients in those sectors.’
Ince & Co hired CBRE to assist with its search for a new space while Berwin Leighton Paisner provided property law advice.