Latest news with #TobyCourtauld
Yahoo
19 hours ago
- Business
- Yahoo
Property giant hit by whistleblower allegations
A FTSE 250 property giant has hired lawyers to investigate claims about its company culture made by a whistleblower, The Telegraph can reveal. Bosses at Great Portland Estates told staff late last week that a law firm had been called in to conduct an investigation into its culture after concerns were raised by a former employee of the West End-based property giant. On Friday, executives held an all-company call to inform employees of the investigation amid concerns that the whistleblower was about to go public. The investigation is expected to be completed in a matter of weeks, with the findings shared with non-executives on the board who will then decide what actions, if any, must be taken. Toby Courtauld, the chief executive, did not go into specifics about the nature of the allegations but said he did not recognise the picture painted of Great Portland Estates' culture. In the call with staff on Friday, Mr Courtauld said the company's culture was one where staff looked out for each other and respected one another. In its last annual report in May, Great Portland Estates said that 86pc of its employees said they felt comfortable and accepted at work, up from 79pc in early 2024. It said its 'overall favourability rating' had increased from 74pc in February 2024 to 78pc in February 2025. News of the investigation threatens to cast a shadow over the property giant, which is one of London's biggest office landlords. The company owns office space across the capital, with a total portfolio of properties worth £2.9bn. Great Portland Estates' holdings include buildings at prestigious addresses in London such as Regent Street and Piccadilly. The decision to bring in an outside law firm will be viewed as a sign of the seriousness with which it is taking the allegations. Under Great Portland Estates' whistleblowing policy, matters reported to the company by employees are initially investigated by its general counsel and company secretary or the senior independent director. Great Portland Estates declined to comment. It come amid a wider rise in the number of whistleblower reports made across corporate Britain. Official data showed the number of whistleblowing claims in the employment tribunal rose 92pc between 2015 and 2023, with lawyers attributing the increase to high-profile cases such as the Post Office scandal. Earlier this year, the estate agent Foxtons was hit by allegations of inappropriate behaviour within the company. In March, Bloomberg reported allegations of unwanted touching and harassment. At the time, Foxtons' chief executive admitted the company had more to do to improve workplace culture. The company said it conducted mandatory annual training for all its employees on issues such as sexual harassment and said it took the allegations extremely seriously. It urged employees to use its whistleblowing process. Great Portland Estates has recently been boosted by the wider crackdown on remote working across corporate Britain, with its value swelling by more than £150m to £1.3bn since the start of the year. In May, the company, which has let space in Fitzrovia, central London, to companies including Next, said it was expecting rents to rise by between 4pc and 7pc this year amid strong demand for office space. Around 90pc of Great Portland Estates' office portfolio is within walking distance of the Elizabeth Line, making its sites attractive for companies trying to convince workers to go back to the office. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Telegraph
a day ago
- Business
- Telegraph
FTSE property giant calls in law firm over whistleblower's claims
A FTSE 250 property giant has hired lawyers to investigate claims about its company culture made by a whistleblower, The Telegraph can reveal. Bosses at Great Portland Estates told staff late last week that a law firm had been called in to conduct an investigation into its culture after concerns were raised by a former employee of the West End-based property giant. On Friday, executives held an all-company call to inform employees of the investigation amid concerns that the whistleblower was about to go public. The investigation is expected to be completed in a matter of weeks, with the findings shared with non-executives on the board who will then decide what actions, if any, must be taken. Toby Courtauld, the chief executive, did not go into specifics about the nature of the allegations but said he did not recognise the picture painted of Great Portland Estates ' culture. In the call with staff on Friday, Mr Courtauld said the company's culture was one where staff looked out for each other and respected one another. In its last annual report in May, Great Portland Estates said that 86pc of its employees said they felt comfortable and accepted at work, up from 79pc in early 2024. It said its 'overall favourability rating' had increased from 74pc in February 2024 to 78pc in February 2025. News of the investigation threatens to cast a shadow over the property giant, which is one of London's biggest office landlords. The company owns office space across the capital, with a total portfolio of properties worth £2.9bn. Great Portland Estates' holdings include buildings on prestigious addresses in London such as Regent Street and Piccadilly. The decision to bring in an outside law firm will be viewed as a sign of the seriousness with which it is taking the allegations. Under Great Portland Estates' whistleblowing policy, matters reported to the company by employees are initially investigated by its general counsel and company secretary or the senior independent director. Great Portland Estates declined to comment. It come amid a wider rise in the number of whistleblower reports made across corporate Britain. Official data showed the number of whistleblowing claims in the employment tribunal rose 92pc between 2015 and 2023, with lawyers attributing the increase to high profile cases such as the Post Office scandal. Earlier this year estate agent Foxtons was hit by allegations of inappropriate behaviour within the company. In March, Bloomberg reported allegations of unwanted touching and harassment. At the time, Foxtons' chief executive admitted the company had more to do to improve workplace culture. The company said it conducted mandatory annual training for all its employees on issues such as sexual harassment and said it took the allegations extremely seriously. It urged employees to use its whistleblowing process. Great Portland Estates has recently been boosted by the wider crackdown on remote working across corporate Britain, with its value swelling by more than £150m to £1.3bn since the start of the year. In May, the company, which has let space in Fitzrovia, central London, to companies including Next, said it was expecting rents to rise by between 4pc and 7pc this year amid strong demand for office space. Around 90pc of Great Portland Estates' office portfolio is within walking distance of the Elizabeth Line, making its sites attractive for companies trying to convince workers to go back to the office.
Times
21-05-2025
- Business
- Times
London office rents reach record high in race for prime buildings
An 'unbelievable shortage' of new offices being built has pushed rents for the best workspaces in London up to record highs, and landlords expect prices to keep on climbing. Great Portland Estates, the London office developer, reckons rents at its prime buildings have risen by almost 8 per cent over the past year, and it expects them to go up by perhaps another 10 per cent over the coming 12 months. Landlords are profiting from booming demand for best-in-class bases at a time when there is not much prime workspace being built. GPE, for example, signed a record £38 million of new lettings last year. 'The supply side is unbelievably tight,' Toby Courtauld, chief executive of GPE, said. 'There is a significant drought of high-quality
