Mattioli Woods to spend £14.6m on new offices for 600 staff

Mattioli Woods is to spend nearly £15m to build a new central Leicester office. It plans to develop a new 60,000 square foot office to accommodate over 600 people at the former Leicester City Council headquarters.Currently, the firm employs over 300 staff out of the existing Leicester offices.It will be funded by a combination of existing cash resources (excluding funds from recent placing), bank funding and future operating cashflows.As a result of the development the company anticipates a profit fall after tax of about £0.10m for the year ended 31 May 2016, with further reductions of £0.40m and £0.20m in the following two years respectively, versus budget.From then on the group expects to benefit from future rental savings of approximately £0.85m per year. {desktop}{/desktop}{mobile}{/mobile}The development is subject to planning approval but construction should commence in late 2015, with occupation due to take place in Spring 2017, the company said in a statement.Chief executive Ian Mattioli said: "As we continue to grow organically and by acquisition the new city centre office will provide us with a modern working environment.“We have found, like many other progressive businesses, that as our number of clients and employees grow, being centrally located with all its associated infrastructure is better for both.“Greater flexible working will allow us to continue to grow the business and create further operational efficiencies. The bespoke infrastructure of our new building will assist us to ensure our client services continue to be first class and secure".The leases on the group's two existing premises at MW House and Gateway House, Grove Park, Leicester, expire in 2025 and between January 2018 and November 2019 respectively.

Mattioli Woods to spend £14.6m on new offices for 600 staff

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