Cable & Wireless Communications to relocate from the UK to Florida
23 May 2013 |
UK-based Cable & Wireless Communications has announced plans to relocate from the UK and base its headquarters in Florida, USA.
The company said the move has been made in a bid to increase its focus on the Caribbean and Latin America markets.
After 140 years in the UK, the company has said it now wants to operate in a fundamentally different way.
“I want us to stay British, but we need to move closer to our markets,” said Tony Rice, chief executive at Cable & Wireless.
“This is an opportunity to build the next generation of Cable & Wireless.”
According to the Financial Times, Cable & Wireless Communications will move its headquarters to Miami or Fort Lauderdale in south Florida.
The company is expected to retain its London listing and UK domicile, but Rice said it would consider a dual US listing in future.
The company moved away from its purely UK-focussed Cable & Wireless Worldwide in 2010, and is now selling a number of businesses across Asia and Europe.
In December last year, the company announced it was selling the majority of its Monaco & Islands division and following the divestment, Rice said that the restructured company would carry almost no debt.
He added that Cable & Wireless Communications would be looking for new investments and acquisitions, specifically focussed on mobile businesses in Latin America.
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