BP to sell London HQ as group adapts to “hybrid” working

As the UK is shifting to flexible working, BP is reportedly planning to sell its London headquarters.

The Times reported on Sunday rent back the building from the new owner before leaving permanently in two years’ time.

The oil giant employs over 6,500 people in the UK and has offices in central London and Sunbury-on-Thames.

The group has said that it plans to move towards a more “hybrid work style”, with a greater balance towards home working.

BP purchased the headquarters in St James’s Square back in 2001 for £117m and could sell it for an estimated £300m today.

Earlier this year, BP revealed plans to axe 10,000 jobs following a global slump in oil demand. 

“We are spending much, much more than we make – I am talking millions of dollars, every day,” said chief executive, Bernard Looney in an email to staff.

The news comes as the government is set to kickstart its campaign to get people back into the office. 

Transport Secretary Grant Shapps told Sky News last week: “What we’re saying to people is it is now safe to go back. Your employer should have made arrangements which are appropriate to make sure it is coronavirus-safe to work. You will see some changes, if you haven’t been in for a bit, as a result.”

“Clearly there are things you can’t just do remotely, and a lot of those people have carried on working. But for the rest of us, also, you just miss out on that human spark when you’re not with people. You will find the office has been reorganised into a coronavirus-avoidance friendly environment and probably a few changes as a result,” he added.

 

 

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Safiya Bashir
Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.