Reuters move to Canary Wharf

RNS Number:0556Q
Reuters Group PLC
23 September 2003


Tuesday 23rd September 2003


REUTERS TO MOVE TO CANARY WHARF AND SAVE

#5 MILLION A YEAR IN PROPERTY COSTS


London - Global information company Reuters (LSE: RTR) today announced that,
following a property review initiated under the Fast Forward transformation
programme, the majority of the Group's London staff is to move to one building
in 2005, located at Canary Wharf in east London. The deal will see #32.3 million
capital released from the sale of the Fleet Street headquarters and adjoining
building and also reduce property costs by approximately #5 million per year.


Subject to formal contract, Reuters has agreed terms with Canary Wharf Group Plc
for the entire building at 30, The South Colonnade, Canary Wharf. The building
contains approximately 281,000 square ft. of space. Reuters will move in the
spring of 2005. With the exception of two existing London technical centres and
a small City office, all London staff will be accommodated in the new site. The
small central City office will be maintained to hold some editorial and sales
staff, with 'hotdesk' facilities for other staff that need to be in the City.


Reuters London staff is currently located in ten properties across the capital.
The move will save both time and money for the Group by cutting down on
travelling time between sites and duplication of facilities. The move will
provide an improved

working environment that enables better teamwork, communication and information
sharing. Located with many of Reuters clients in the heart of the new financial
district, the new site will fulfil objectives set out under the Fast Forward
transformation programme, enabling the delivery of great service and bringing
annual savings for the group of approximately #5 million per annum.


Tom Glocer, Reuters CEO, comments: "The proposed site at Canary Wharf represents
an exciting move for Reuters, with our London staff all being housed under one
roof for the first time. This follows a similar move in the US in 2001 to one
key site in Times Square for our New York employees, which had a tremendously
positive impact on both staff and clients that we want to replicate in London.
In Fast Forward we set out our commitment to deliver great service and create a
more efficient company, and by moving to Canary Wharf we can deliver on both
those objectives."



ENDS


Contact

Yasmeen Khan                     Tel: [phone]
Reuters Media Relations - UK
[e-mail]




Note to editors



About Reuters


Reuters (www.about.reuters.com), the global information company, provides
indispensable information tailored for professionals in the financial services,
media and corporate markets. Our information is trusted and drives decision
making across the globe based on our reputation for speed, accuracy and
independence. We have 16,000 staff in 94 countries, including some 2,400
editorial staff in 197 bureaux serving approximately 130 countries, making
Reuters the world's largest international multimedia news agency. In 2002, the
Reuters Group had revenues of #3.6 billion.


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