Nokia’s £240m headquarters up for sale as it scrambles for cash

STRUGGLING smartphone maker Nokia has put its global headquarters on the market as part of a drive to sell off assets to keep the business alive.

The once-mighty firm is selling the offices in Finnish second city Espoo, on the Baltic coast, and could raise up to €300m (£240m).

“We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters,” a Nokia spokesperson said.

The Finnish firm is bleeding cash, posting an €1.41bn loss in the quarter to July, and concerns over cash reserves have led to an aggressive cost-saving programme. Nokia has cut more than 40,000 jobs since chief executive Stephen Elop took over two years ago.

Nokia has pinned its hopes on Microsoft’s Windows Phone software, which has seen signs of traction in recent months.