Michael Spencer’s Nex Group (formerly known as Icap) plans to ditch Broadgate for Spitalfields Market

Michael Spencer’s Nex Group is plotting a move from Broadgate to Spitalfields Market.

The company formerly known as Icap said it was in advanced negotiations with Ashurst regarding leasing 115,000 square feet of office space in the London Fruit and Wool Exchange for its new UK headquarters.

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Nex has been based at 2 Broadgate Circle for 13 years. The move to Spitalfields, expected in early 2019, will see the company separate geographically from its building-mate TP Icap, which was known as Tullett Prebon before it acquired Nex’s voice broking business last year.

The current Broadgate set-up (Source: William Turvill/ City A.M.)

The newly-redeveloped London Fruit and Wool Exchange, situated “between the vibrant technology hub of Shoreditch and the City of London”, Nex noted, and offers office space behind the facade of the original building

“Like Nex, the London Fruit and Wool Exchange has undergone a transformation since its origins as London’s pre-eminent goods market,” said Jenny Knott, chief executive of Nex Optimisation.

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“Nex is a financial technology business so we are really excited to be moving closer to a technology and commercial hub which aligns more closely with the Nex brand, and which provides the highest quality space for our employees.”

Nex also today announced it would be moving into a new office in New York. The firm is moving to 4 Times Square, formerly known as the Conde Nast Building.