7IM downsizes Bishopsgate offices as owner hunts for buyer

investmentweek.co.uk:

Last month, it was reported that Caledonia gave prospective buyers until the end of July to put forward indicative offers for the firm | Credit: iStock

The company has left its London headquarters at 55 Bishopsgate and relocated to 1 Angel Court, which is 25% smaller than its former home, according to a report by Financial News.

This comes amid speculation that its owner, FTSE 250-listed investment trust Caledonia Investments, is looking for a buyer for the business.

Last month, Reuters reported that Caledonia gave prospective buyers until the end of July to put forward indicative offers for the firm.

Caledonia to put boutique asset manager 7IM up for sale this year — reports

Names in the mix have included US investment bank Evercore and private equity firm Inflexion, while sources have provided valuation estimates for 7IM ranging from around £400m to £450m.

Rumours about Caledonia selling 7IM have been floating since early 2022. In February last year, it emerged that Brooks Macdonald had approached the trust. 

In June 2022, Sky News reported that Caledonia was considering putting the firm up for sale and in April this year, the broadcaster said sources said a formal auction process was being launched in May.  

Private equity firm Inflexion eyes takeover bid of 7IM — reports

Regarding the office move, a spokesperson said: «Like many companies, we have been reviewing our location strategy and have moved offices. To clarify, however, the principal rationale for the move is not to save costs, as while there are some cost savings, these savings are marginal.

»Instead, the move is about 7IM investing in a quality working environment to provide clients and colleagues with an unrivalled experience as part of our strategic