© Reuters. FILE PHOTO: British Airways logos can be seen on the tail fins of Heathrow Airport in West London
LONDON (Reuters) – British Airways is considering selling its main building due to the switch to homework during the pandemic and possibly less office space.
The potential sale of the building, first reported by the Financial Times, could boost the airline's finances hammered by COVID-19. The building was completed in 1998 at a cost of £ 200 million ($ 279 million).
The switch to homework last year has already prompted some of the UK's largest companies to make changes to their office space. Banking giant Lloyds (LON 🙂 announced that it would reduce office space by 20% within three years, with HSBC aiming for a 40% reduction.
The Waterside BA complex is located near Heathrow Airport, west of London, and is also the headquarters of British Airways' parent company, IAG (LON :).
British Airways said in a statement that many employees like to work from home and future policy would likely be a flexible mix of home and office work.
"We have restructured our business to get out of the crisis and are considering whether we still need such a large main building," a spokesman said in a statement.
To survive the pandemic, British Airways cut costs last year, including cutting over 10,000 employees and cutting around 30,000 employees, most of whom are pilots, cabin crews, engineers or airport personnel, most of whom are non-offices.
The airline has also tried to raise money by selling famous works of art that used to hang in their executive lounges.
Waterside's long-term future was already at stake as it would have to be demolished as the proposed Heathrow expansion progresses.
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