Steep rent increase sees FRC up sticks to London Wall
Accounting's watchdog to move from Aldwych after landlord looks to hike up rent
A SHARP INCREASE in rent has seen accountancy’s watchdog seek out new premises.
The Financial Reporting Council (FRC) is to move out of its current office in Aldwych and relocate to 125 London Wall in mid-June. The move was driven by its current landlord’s plan to nearly double the rent, the FRC revealed in its annual report and budget plan for 2014/15.
But the move will see the FRC’s cost base increase, up £700,000 compared to its current deal. That, and the increase of 2% in its pay rates (£300,000) account for most of its increase in the £4.9m budget.
“We were coming up for a rent review and noticed the landlord has done some refurbishment and their aspiration was to double our rent and we decided we could get a more competitive price elsewhere in the market,” FRC CEO Stephen Haddrill told Accountancy Age. “And somewhat to my surprise the City was competitive than this part of London.
“It gives us the opportunity to get a bit more space to accommodate the increasing numbers we need, particularly as our role expands in the audit inspection area.”