INTERNATIONAL telecoms firm Cable & Wireless Communications (CWC) is set to move its headquarters out of the UK having agreed to sell off its assets in Monaco and Macau.
The firm – created in 2010 when it demerged from Cable & Wireless Worldwide, the broadband firm now owned by Vodafone – is plotting a move to Miami, chief executive Tony Rice told City A.M. yesterday.
The move comes as Rice aims to focus on CWC’s operations in Panama and the Caribbean, having recently agreed to sell its other divisions for a total of $1.75bn (£1.16bn).
Towards the end of last year, CWC reached deals to sell its operations in Monaco and a number of island nations, as well as its majority stake in a Macau-based provider.
Rice said yesterday that turning the firm solely into one operating in the Caribbean and central America would enable it to make cuts worth $100m, which would include moving management and other operations from London to Florida.
“Until recently we were a portfolio of companies, now we are a focused regional operator and that gives us the opportunity to move to a more unified management structure,” he said, adding that CWC’s listing will remain in London.
CWC said yesterday that once its planned disposals were stripped out, revenues fell four per cent to $1.9bn, although it made a profit of $35m compared to a $117m loss during the previous year.
The company said that its sale of the Monaco business was being held up by regulatory issues, although it remains confident of a disposal.