ICI may quit Millbank HQ
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE PROPOSED break-up of Imperial Chemical Industries could lead to it vacating the offices it has occupied since it was formed in 1926 - freeing one of London's most prestigious buildings, which could be worth more than pounds 70m.
ICI has its group headquarters in Millbank, London, overlooking the Thames and a stone's throw from the Houses of Parliament. On Thursday, it announced it was considering splitting itself in two. While the two new companies are likely to share offices immediately after the merger, they will separate eventually.
David Barnes, who will be chief executive of ICI Bioscience - which would take the pharmaceuticals, agrochemicals and seeds - said he expected the businesses to have separate offices and computer systems within two years. Which company will move has not been decided. As neither is likely to require such a large head office, both could move and Millbank could be sold.
ICI owns Imperial Chemical House and the adjoining Ergon House, three-quarters of which is let to the Ministry of Agriculture, Fisheries and Food. Refurbished in the mid-1980s, they cover 216,000 square feet.
Meanwhile Standard & Poors, the credit-rating agency, has put ICI on credit watch because of the demerger proposals. ICI's shares closed down 8p at pounds 11.63.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments