Pearson : updates on property simplification plans

LONDON 25 MAY, 2018: Pearson, the world's learning company, is updating the market on plans to rationalise its property portfolio as part of its strategy to become a simpler and more efficient company. As part of this ongoing process, Pearson is exploring options for its London properties at 80 Strand and One Southwark Bridge.

Pearson is committed to having a London HQ which provides a great workspace for employees. It is also committed to ensuring it continues to invest in the transformation and simplification of the company. Pearson is considering options including:

1. Subleasing its entire 80 Strand footprint to find an alternative London location for Pearson
2. Transferring its entire lease commitment at 80 Strand to an investor, in a deal that includes the building at One Southwark Bridge.
3. Marketing One Southwark Bridge for sale or redevelopment

If none of these options can be executed, then Pearson will remain in 80 Strand and review options at a later date.

One90 High Holborn, the home of Pearson College, is likely to remain a key location for Pearson in all of the scenarios above.

Ben Almond, global head of property at Pearson, said: 'We continue to explore opportunities to reduce our property portfolio as part of plans to simplify Pearson. We are committed to a London HQ and, while at an early stage with no decisions made, a key priority is to ensure we have a great office space and facilities that provide a great working experience for all our people.

'By becoming simpler and more efficient, we're better able to invest, to innovate, to grow, and to ensure that everything we do is helping equip more people to prosper in a rapidly changing world.'

In 2014, Pearson had more than 200 offices across the world. By 2020 it is aiming for less than 100 office locations.

Pearson's current presence in London includes leases at 80 Strand and One90 High Holborn and ownership of the freehold at One Southwark Bridge, the current home of the Financial Times until it returns to Bracken House in 2019.

Pearson is mid-way through its 2017-2019 restructuring programme and by 2020, will be a leaner, more agile organisation having taken nearly £1 billion of costs taken out of the business since 2013. This property review is part of that ongoing process and is not linked to any further headcount reductions.

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Please contact tom.steiner@pearson.com / 07787 415 891