Trinity Mirror Group has committed itself to a further 10 years in Canary Wharf.
The company, which publishes national titles the Daily Mirror, Sunday Mirror, The People and The New Day as well as The Wharf, has extended its lease at One Canada Square to 2028.
In an email to staff on Thursday, March 3, CEO Simon Fox said: “We have conducted a very extensive search for alternative premises, both in central London, the surrounding areas and towards Stratford and we have concluded the most favourable option is to stay.
“Remaining in the One Canada Square offices in Canary Wharf is significantly less costly than moving into other parts of London, where rates are more expensive and we would incur additional fit out and moving costs.”
The company, which has offices nationwide and also publishes an extensive portfolio of local paper titles and websites, reviewed the location of its headquarters ahead of the expiry date on its current lease of June 2018.
The status quo will not be preserved completely, however.
Simon said: “We have also undertaken an initial review of requirements and concluded that, from 2018, we can reduce the amount of space we occupy from four floors to two.”
The change, which will see an end to the company subleasing space to the Racing Post and Ocean Media, is expected to yield a saving for the company of around £4million a year or £40million over the course of the lease.
The company extended its print and digital reach nationwide with the purchase of Local World in October for £220million.
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