The fortunes of Nottingham’s rapidly growing financial services sector, and those of local jobseekers, will receive a boost with the news that Danish company NOW: Pensions is set to invest in the city.
Taking prestigious office space at 37 Park Row, the London based company is setting up its operations in Nottingham in November following an extensive UK-wide search for a new location – a move that will bring up to 250 new jobs to the city.
Invest in Nottingham and Nottingham City Council worked closely with the company to secure new premises and will continue to support them with recruitment to ensure that local jobseekers feel the benefit.
The Invest in Nottingham service works closely with investors and the local authorities to support incoming companies and helped to smooth Now: Pensions move to the city.
The City Council’s Nottingham Jobs staffing service will also be working with the company, in partnership with other recruitment agencies, to find client and technical support staff, sales, HR and IT workers – ensuring that city residents benefit from the company’s move to Nottingham.
Once of the UK’s leading providers of workplace pensions for auto-enrolment, NOW: Pensions has more than 8,500 clients and nearly 555,000 members, and is owned by pensions fund giant ATP.
The news has been welcomed by city officials as it enhances a growing group of companies in the sector who call Nottingham home, from giants like Capital One, Ikano and Experian, to up-and-coming growth businesses such as TDX and HD Decisions.
Councillor Jon Collins, Leader of Nottingham City Council, said: “We welcome the news that NOW: Pensions are establishing their operations here in Nottingham. The city has a great reputation in the financial services sector and has some of the most innovative businesses working in the field today. The arrival of NOW: Pensions will further enhance this.
“Nottingham’s ongoing investments in infrastructure, the skills we have in the city and our costs are ideal for businesses that are simply overheating in London. Working closely with new investors, our team is also able to ensure that the benefits of any new investment are felt by local people, with new jobs on offer now and in the future.”
With £1 billion being invested over the past few years into an overhaul of the city’s road networks, transport and city centre, Nottingham’s draw as a business location has increased. Operational costs 5-7% lower than average, a talent pool of local skills and graduates and a central location drew Now: Pensions to the city as they expand steadily following new regulations on pensions in the UK.
Morten Nilsson, CEO of NOW: Pensions said: “With over 500,000 companies due to introduce pensions for their staff in 2016, demand for our services is going to go through the roof. From day one, we’ve always said that we’ll accept any and every employer into our scheme, but to do that we need to take on more people. We need to expand our operations to ensure that these employers receive the help they need and our team in Nottingham will provide much of this ‘first line’ support.”
The Invest in Nottingham team worked with local agents to find the Grade A location on Park Row, and their arrival could well be the catalyst for others to follow suit.
James Keeton, of joint lettings agents Jones Lange LaSalle, said: “This is the second speculative refurbishment that our clients have successfully delivered in Nottingham. To have the majority let to NOW: Pensions at completion is testament to the quality of space they have created and current demand within the Nottingham market. We now only have one floor remaining at 37 Park Row, but do not expect this to be available for long.
“Consequently, our clients are already looking towards the next refurbishment in the city, being the adjacent Agora building at Cumberland Place and this will bring further welcomed supply of Grade A refurbished space to the market in 2015.”
Simon McIntosh of BMO Real Estate added: “Following the successful letting of Park View House and considering the demand and supply characteristics of the Nottingham office market, our clients had the confidence to undertake the speculative refurbishment of 37 Park Row to create quality office space that is unprecedented within the Nottingham market. Having made this substantial investment, our clients are delighted to have secured the 20,000 sq ft letting to Now Pensions and are really pleased to welcome them to the city and 37 Park Row, Nottingham.”