WPP group PLC (LON:WPP) is reportedly in talks to buy the Financial Times’s London headquarters for £93mln as the advertising giant makes a fresh start without its founder Sir Martin Sorrell as boss.
The FT – which is due to vacate the building at One Southwark Bridge next year to return to its previous offices at Braken House near St Paul’s Cathedral – is said to be close to striking a deal with WPP, The Property Group reported.
The news comes after WPP announced in August that it had relinquished the lease on its Mayfair headquarters, which had been used by Sorrell from the late 1980s.
Sorrell was ousted as chief executive in April following allegations of personal misconduct against him. In September WPP confirmed the appointment of Mark Read, who had been acting as interim chief executive, as its new boss.
READ: WPP appoints Mark Read as CEO with immediate effect, filling void left by Martin Sorrell’s departure
At the time WPP announced it was moving out of Mayfair, Read said: “We are reviewing our working environment to make it fit for purpose and ready for our new requirements. And, specifically, to create a more modern and attractive office that is better suited to more collaborative ways of working.”
The Mayfair building is near Shepherd Mark where Sorrell allegedly paid a prostitute £300. Sorrell has denied the claims.
WPP’s head office functions are being moved into two locations. One of the locations is near the FT building and the other is in Sea Containers House, on the South Bank, where the WPP already has advertising businesses.
The FT announced in 2016 that it was moving back to its old stomping ground after former owner Pearson sold the newspaper to Japanese media firm Nikkei for £844mln.
Following the sale of the FT in 2015, Pearson had initially kept hold of the One Southwark Bridge location before putting the site up for sale in May.