// John Lewis writes down value of London HQ by £15.6m
// The partnership said it was downsizing its office space due to the rising demand of hybrid working
John Lewis Partnership has written down the value of its London Victoria headquarters by £15.6m as climbing interest rates depress commercial property valuations.
The move comes after the John Lewis and Waitrose owner closed seven floors of its office as it looked to downsize the space due to the spike in hybrid working, The Times reported.
According to annual account filings, the partnership has “revised” the use of its Bracknell office in Berkshire.
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Last month, the retailer was set to end its 220,000 sq ft head office lease earlier in search of a space more than half the size.
John Lewis has also cut the number of offices it uses at its Bracknell base following the introduction of its “blended working” policy. The firm has kept the gym and sports hall at the site.
The downsizing comes as the partnership plans to triple the scale of its cost cutting from £300m to £900m by January 2026 after it posted an eye watering £234m full-year loss and scrapped this year’s staff bonus entirely.
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