Alfa Financial Software Holdings PLC on Monday said it has struck a deal to assign the lease of the 9th floor in a London building to its own 66% shareholder CHP Software & Consulting Ltd.
The London-based software developer for the finance industry said it leases floors 9, 10 and 11 at 1 Fore Street Avenue, London, which run through to 2030.
‘Alfa expects continued substantial growth in headcount in all of its locations, but having looked at its new hybrid working arrangements has concluded that it no longer requires the 9th floor, and in 2022 has consolidated all its in-person activities onto the 10th and 11th floors,’ it explained.
The company said that the lease agreement will reduce ongoing rent costs by £1.0 million per year, compared to a reduction of £500,000 in 2021, when just under half of the floor was sublet.
Prior to the lease with CHP, the ninth floor was sublet to a third party, which moved out in February.
Additionally, Non-Executive Director Christopher Sullivan bought 159,649 shares at £1.49 each, worth around £238,047, in London on Friday.
Alfa Financial Software shares were up 2.7% to 154.00 pence each in London on Monday.
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