SECN Sec Newgate S.p.a.

TIDMSECN

RNS Number : 2340D

SEC Newgate S.p.A.

28 June 2021

28 June 2021

SEC Newgate S.p.A.

("SEC Newgate" or "the Group")

New London Offices

   --     Savings c. EUR1 million in 2022 
   --     Total savings of over EUR5 million expected over the first five years of the lease 

The Board of SEC Newgate S.p.A., the insight-driven global strategic communications group that works at the nexus of business, politics, communities, markets and media, is pleased to announce that a lease has been signed for new offices in London. Total cash and IFRS16 savings of more than EUR5 million are expected over the first five years of the lease.

The new ten-year lease, with a five-year tenant-only break, comprises a c.14,000 sq ft self-contained building in Farringdon, London EC1. The new offices will be home to SEC Newgate UK and part of the Group's finance and corporate function. It is expected that relocation will occur in Autumn 2021.

Due to IFRS16 treatment, the lease costs related to the new contract will generate an increase of the fixed asset depreciation in 2021, with substantial savings to be fully included in the Group's consolidated financial statements from 2022 onwards.

The savings to the Group from 2022 onwards are estimated to be about EUR1 million per annum, based on the reduction in rent, rates and service charge on the new offices compared with the combined cost of its existing building, where the lease ends on 5 January 2022, and Newington's former offices, where the lease ends in July 2021.

Commenting on this important milestone, 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."

Emma Kane, Deputy Group CEO 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."

SEC Newgate was advised by tenant representatives Expedite Office Ltd on the acquisition and fitting out of the Farringdon offices as well as the disposal and exit from its current premises.

For further information please contact:

 
 SEC Newgate S.p.A. 
 Fiorenzo Tagliabue (Group CEO)        Tel: +39 335 6008858 
                                        tagliabue@secrp.com 
 Emma Kane (Deputy Group CEO)          Tel: +44 (0)7876 338 339 
                                        emma.kane@secnewgate.co.uk 
 
   Arden Partners (Nominated Adviser     Tel: +44 ( 0) 20 7614 5900 
   and Broker) 
 Richard Johnson 
 

Notes to Editors

-- SEC Newgate is an award winning strategic communications firm, which ranks in the Top 30 groups in the world. The Agency's team consists of about 600 staff, working in 37 offices across five continents.

-- SEC Newgate's focus is on achieving positive outcomes through communications, advocacy and research, helping clients clearly demonstrate their purpose, value, and impact locally, nationally and internationally.

   --    Further information is available at the Group's website:      www.secnewgate.com 

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June 28, 2021 02:00 ET (06:00 GMT)

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