Global press agency Reuters is set to build a new editorial hub in Nottingham.
The office will house a sub-editing operation and will be located in Nottingham’s £20m Chapel Quarter developmen (pictured).
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Owned by Thomson Reuters, the agency is the latest news media firm to move out of the capital as living costs continue to rise. In 2011 parts of the BBC were relocated to Salford, Greater Manchester,
In a staff email, seen by the Financial Times, Reuter’s European editor Richard Mably said the move would “give staff the chance to work outside expensive locations such as London, Singapore and New York”.
He said it would be a “purely voluntary” exercise that would happen over a number of years as employees change jobs or leave the company and that UK-based staff would keep their existing salaries as well as receiving relocation expenses of £5,000.
Reuters News makes up about 3 per cent of Thomson Reuters’ total revenues. It generated a loss of $2m in the three months to March 31.
The NUJ, which has a chapel at Reuters, is said to be consulting with its members about the move but has yet to officially comment.
Reuters has been contacted for a comment.