Property disposal

8 September 2016

Charles Stanley Group PLC

Property disposal

Charles Stanley Group PLC ("Charles Stanley" or "the Group") today announces that it has exchanged contracts for the sale of its long lease at 35 Luke Street for £5.6 million.

The disposal has been made as part of the Group's previously announced plans to consolidate a number of its London office locations, including staff currently based at 131 Finsbury Pavement, into a central site at 55 Bishopsgate. The proceeds of sale are expected to more than offset the one-off costs involved in the office reorganisation.

The Group expects the move will enhance communication and working synergies across front, middle and back office departments, whilst providing a professional reception for clients in the heart of the Square Mile. 

Paul Abberley, Chief Executive Officer of Charles Stanley Group PLC, commented:

"The disposal of 35 Luke Street is in accordance with our plans to rationalise our London footprint, bring our London staff together in one building and contribute toward our drive for cost savings. The move to our new offices in Bishopsgate will commence ahead of schedule next month and we are confident that this will enable our professional and support teams to work together more efficiently and place us in good stead to better serve our clients' needs."

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Notes to editors:

Charles Stanley was established in 1792 and is one of the oldest firms on the London Stock Exchange. Charles Stanley today provides holistic wealth management services to private clients, charities and smaller institutions. These are delivered by over 450 professionals located in 25 offices throughout the UK, both direct to clients and to intermediaries. Our services include investment portfolio management and financial planning, supported by in-house administration and custody for investment portfolios, SIPPs and ISAs to enhance the quality of service provided. In addition, Charles Stanley Direct provides an award winning direct to customer Execution-only dealing platform for equities and funds