Allied Domecq shifts HQ from London and cuts jobs
Wednesday 18 August 1999
Allied moved into the four-storey listed building in 1990. But following the drawn-out sale of the group's pubs portfolio - eventually clinched by Punch Taverns - and recent speculation that its wine and spirits division is set to be swallowed up by Seagram, the decision has been taken to relocate Allied's operations to Bristol as part of a cost-cutting plan.
In addition to the move, 100 jobs will be shed to reduce Allied's corporate overheads. The company hopes to achieve annual cost savings of pounds 15m.
The central London office, with 25,000 sq ft of floor area, is staffed by 50 employees. Only 20 will transfer to the Bedminster, Bristol site that is the existing headquarters of Allied Domecq Spirits & Wine.
The combination of Allied's audit services, secretariat, human resources, tax, treasury, financial accounting and corporate affairs functions into one office is due to be completed by the end of the year. The decision means there will be 70 job losses among the company's 350 Bristol staff.
Philip Bowman, Allied's new chief executive, said: "It is our intention to create a substantially reduced corporate centre. The move to Bristol reflects our focus on improving shareholder value." Mr Bowman said the company will retain a small foothold in London close to Berkeley Square.
Allied shareholders meet on Monday to consider Punch Taverns' pounds 275m offer for its 3,500 UK pubs. Allied is selling its retail business to focus on liquor brands such as Ballantine's scotch and Kahlua liqueur. The company also owns food chains such as Baskin Robbins and Dunkin' Donuts.
Allied's shares closed down 12p at 537p.
Outlook, page 15
- 1 Autistic adults could take pure MDMA to 'reduce social anxiety'
- 2 Before you complain about your GP, this is what you need to know about actually doing the job
- 3 Father of 12 accused of raping, beating, starving and abusing his own children in US 'cult'
- 4 Britain's Got Talent 2015: Jamie Raven divides Twitter as fans expose mind-boggling magic trick
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
People are criticising Fifa World Cup sponsors with corrupt corporate logos
Natalie Portman tells Harvard graduates: 'Accept your lack of knowledge'
British tourists complain impoverished boat migrants are making holidays 'awkward' in Kos
Fifa corruption live: Sebb Blatter warns 'more bad news may follow' as he clings to power
Skull found in Spain could be the world's first-ever murder victim
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...