Cable & Wireless to leave the UK
The firm is shifting base to focus more on the Caribbean and Latin America regions.
Cable & Wireless Communications (CWC) has decided to leave the UK after more than 140 years and shift its headquarters from Holborn in central London to Florida in the US.
The company will transfer its 100 employees in the UK to the US.
CWC, which will retain its London listing, is considering Miami or Fort Lauderdale as its preferred locations in the US to establish a combined regional headquarters to carry out operational and corporate functions.
This reflects a corporate revamp in order to be closer to its core markets in the Caribbean and Latin America. It is also exploring acquisitions in these markets, which have strong GDP.
Meanwhile, for the year ended 31 March 2013, the company posted revenue, EBITDA and total operating profit before exceptional items from continuing operations of $1.94bn, $589m and $328m respectively.
The company, which is targeting to save a $100m costs over the next two years, sold Monaco & Islands and Macau businesses to create a more structurally coherent group to enable both a platform for synergies as well as growth.
Tony Rice, CEO of the company, said: “The agreements to sell our Monaco & Islands and Macau businesses have reshaped the group and we have achieved the goal of structural coherence that we set ourselves at the demerger of Cable & Wireless in 2010.”
CWC said it will now focus on a single region with low penetration for data services and strong growth potential to create a more unified, effective and cost-efficient group. CWC has set a new target to drive $100m of savings, 13 per cent of its existing operating expenditure to improve margins and cash flow, particularly in Caribbean business.
In 2010, CWC was separated from its UK network, which was then listed as called Cable & Wireless Worldwide. Last year Vodafone acquired Cable & Wireless Worldwide.