KPMG appears to be facing a financial squeeze, as it is preparing to shut down its private members’ club in Mayfair and move staff to Reading as part of efforts to trim £100m in costs.
The Telegraph reports that KPMG is exploring plans to close the five-storey townhouse
at 20 Grosvenor Street, which boasts a rooftop terrace, restaurant and
private meeting rooms.
KPMG will also transfer most of its marketing department from Canary Wharf to Reading.
It is understood that around 50 roles were placed at risk of redundancy as a result of the restructure.
Known as Number Twenty, the facility was
set up only four years ago to entertain clients.