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Grant Thornton latest to agree 103 Colmore Row deal

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Financial services and accountancy firm Grant Thornton has agreed a new office deal in Birmingham’s business district.

The company is the latest to sign up for space at the new 103 Colmore Row development which is nearing completion.

Grant Thorton has signed a ten-year lease for 12,146 sq ft, taking the entire 17th floor of the 26-storey building for an undisclosed rent. It is currently based at The Colmore Building where it employs more than 400 people.

Birmingham practice leader Dave Hillan said: “I am delighted that we are moving to what is a flagship location in the centre of Birmingham.

“The environmental credentials of 103 Colmore Row were a huge attraction for us, together with the availability of additional flexible working space within the building.

“As people start to return to the office, it is important that they have a great working environment to return to.”



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103 Colmore Row is being developed at the corner with Newhall Street on the site of John Madin’s old NatWest Tower.

A joint venture partnership of Sterling Property Ventures and Tristan Capital Partners is leading the scheme which will eventually deliver 223,631 sq ft of grade A office space.

At 354 feet, it is said to be the tallest office development under construction in the UK outside London.

Construction is due for completion this month which will then allow new tenants to begin their own internal fit out projects.

This latest letting to Grant Thornton is the second to a professional and financial services firm after Tilney Smith & Williamson agreed a ten-year lease on the 14th floor in August.

Flexible workspace provider x+why has also taken 31,500 sq ft on the first, second and third floors as well as operating the members’ business club on the 18th floor.



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The two-storey top floor restaurant and ground floor café will both be operated by D&D London.

James Howarth, managing director of Sterling Property Ventures, added: “As the building edges closer to practical completion, occupier interest is starting to gather real momentum and the floors are beginning to fill up.

“Post-pandemic, employees are demanding more from the offices they want to work in, with a focus on health and wellbeing, as well as location and commute time for work-life balance.

“Companies are recognising this and as a result we’re seeing a flight to quality in the office sector, with occupiers clamouring for the very best space.”



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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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