Centrica to Move Most Energy Traders to London Shopping Streetby
Centrica Plc, the biggest energy supplier to U.K. homes, will move 60 percent of staff from its energy markets and trading team to London’s busiest shopping street this year.
The company plans to relocate 150 of its 250 trading staff to Oxford Street, better known for its scores of department stores and high street chains than energy trading, from its headquarters in Windsor, the utility said Friday by e-mail.
Centrica is expecting to cut around 3,000 jobs this year as part of a cull of 6,000 positions announced in July. The company wants to make 200 million pounds of savings in 2016 to reach a cost cutting target of 750 million pounds a year by 2020.
“A move to London puts our energy market and trading teams closer to counter parties – most are in central London,” Centrica said. The move isn’t based on cost but will reduce the amount of time staff spend going back and forth to the city for meetings, the company said.
The story was earlier reported by Reuters.