Property advisory firm Avison Young is closing its Cardiff office at 1 Kingsway as part of an ongoing review of its operations. The Canadian-headquartered global firm has entered into consultation with the office's 12 staff and is identifying potential alternative roles based at other locations.
UK offices unaffected
Avison Young's other UK offices, which are not affected, include those in London, Bristol, and Edinburgh. The Cardiff office was launched following the firm's acquisition of rival GVA in 2019.
Recently the office has seen a number of high-profile staff moving on, including its former principal and office managing partner, Peter Constantine, who last December joined Newmark, based in Cardiff, as part of its UK leisure team.
Financial context and recapitalisation
HMRC had filed a winding-up petition against Avison Young (UK) for unpaid taxes, but it was withdrawn last month following a multi-million-pound settlement. Avison Young, via its Toronto headquarters, last month also confirmed it has reached a major recapitalisation deal with funders. The transaction, which is expected to be finalised in October, will reduce its debt and preferred equity by nearly 70%.
Avison Young said its decision to close its Cardiff office ties in with the expiry of its lease at its 1 Kingsway offices and would allow the firm “to continue to build a strong foundation for its long-term growth across the UK.”
Notable deals by Cardiff team
The Cardiff team has advised on a wide range of property deals in Wales, from office lettings to freehold investment sales, including acting for Cardiff Council on its £50m-plus acquisition of the Red Dragon Centre in Cardiff Bay and for Delancey on its acquisition of the 2 Kingsway office scheme in the centre of Cardiff for £13m. Last year it also acted for Cowell Group, founded by the brother of Simon Cowell, Nicholas Cowell, and Bravo Investment House, on their acquisition of the 90,000 sq ft Churchill House office building, also in the centre of the capital.
President of Avison Young for the UK and Ireland, George Roberts, said: “Our primary focus throughout this transition is supporting our employees and maintaining seamless service for our clients and partners. We are now consulting with the 12 affected colleagues in Cardiff to support them through this change, including identifying alternative roles based from other locations.”
Founded in 1978, Avison Young employs around 4,300 people with more than 100 offices globally. The consultation with the Cardiff staff is ongoing, and the firm has not yet announced a final timeline for the office closure.
