Facebook to move into Debenhams’ head office

Facebook is due to move into Debenhams’ head office at Regent’s Place in North London, as the embattled retailer continues its restructuring programme.

A source from British Land told Charged that the social media giant has agreed to commercial terms on the 290,000sq ft property, which Debenhams is due to vacate.

This morning the department store announced plans to move out of its current head office, which it had been due to hold until 2038, and move back into its former head office above its flagship store on Oxford Street.

READ MORE: Bondholders green light Debenhams’ £200m refinancing

Charged approached Facebook for comment, and it is understood that it has occupied floors in the building for five years, and will expand into further floors formerly held by Debenhams.

The move is part of an ongoing cost cutting drive, which it hopes will deliver annual cost savings of £80 million by 2020.

Though no official move date has been confirmed, it is expected to take place in November this year.

It comes amid a turbulent few days for the retailer, which this morning saw bond holders approve a £200 million refinancing scheme to prevent it going under.

The move would also mean the Sports Direct owner Mike Ashley, who has reportedly been considering a £61.4 million takeover bid for the retailer, would no longer be able to seize control of Debenhams.

Its refinancing scheme is expected to take the form of a debt-for-equity swap or a pre-pack administration, both of which would wipe out all existing shareholders’ stake in the company, including Ashley’s 29.7 per cent slice.

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