Legal & General announces the closure of its Kingswood office in 2018
Legal & General has today announced the closure of its Kingswood office in 2018. Consultation over its future with Unite and local employee representatives started in July 2015, and successfully concluded in December.
The closure of the site will be phased, starting in spring 2016, and finishing in summer 2018. The closure will not impact on the service provided to our customers.
The Kingswood roles are proposed to transfer to Hove and Cardiff, and employees are able to “follow their roles”. To help facilitate this, Unite and Legal & General have agreed relocation and travel packages. If Kingswood employees are unable to move, or be redeployed, Unite and Legal & General have agreed severance terms.
Simon Burke, Group Commercial Director, Legal & General (right) said: “The world we live in is digital, and how we work with and serve our customers is continually evolving. To keep offering great value for money products to our customers, we need our employees working at fewer and the right locations, so we can drive costs down, and improve customer service. The Kingswood building, for all its history and strengths, is our least adaptable building to changing business demands, and has high rent and running costs. Closing it is not an easy decision to make, but it is the correct one for Legal & General and our customers.
“No-one ever wants to close a location, especially one that has served Legal & General so well over decades. I would therefore like to thank all those people who have worked in Kingswood, and those that work there now, for all their hard work in helping to make Legal & General the successful company it is today.”
Legal & General first moved to Kingswood during World War II, and around 1,400 employees are based at the site.
For further information, please contact:
|Laura Doyle||Head of Investor Relations||
020 3124 2088
|Stephen Thomas||Investor Relations Manager||020 3124 2047|
|John Godfrey||Corporate Affairs Director||020 3124 2090|
|Richard King||Head of Group Corporate Communications||020 3124 2095|
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.6bn (as at 20th January 2016) and is responsible for investing £728bn worldwide (as at 30th September 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.