Lloyds Banking Group Consider Manchester Office for New Northern Hub
Lloyds Banking Group are reportedly considering merging its northern offices, which could see the company move up to 2,000 jobs into Manchester city centre.
Early speculation suggests that the banking giant has been linked with Spinningfields, the ‘Canary Wharf of the North’, which has also made headlines this week following law firm Halliwells’ impending entry into administration and an expected takeover of their Hardman Square office by rival Hill Dickinson.
According to the MEN, Lloyds Banking Group are restructuring its property portfolio which is likely to impact many of its staff based in the North, although possibly excluding employees based in Chester.
The group is understood to be considering a single regional hub in Manchester city centre, which could see a requirement of up to 200,000 sq ft of office space. Along with Spinningfields, St Peter’s Square is also reportedly a viable option.
Speaking to the MEN, Simon Reynolds of GVA Grimley’s Manchester office says that Lloyds still have to make several important “strategic decisions” before deciding how much space it might need in Manchester.
“Lloyds has about five or six hubs and it’s good to know that Manchester is one of them,” he said. “There’s still some water to go under the bridge before a decision is made but Manchester could be a viable northern location.”
He added: “These top end requirements don’t tend to come along too often and although there are strategic decisions still to be made, Manchester can argue that it ticks all the boxes for a large hub.”
Lloyds is expected to make a decision before 2012.