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Steinhoff's UK head office at Cheltenham
Steinhoff International Holdings, the multinational furniture and general merchandise conglomerate, is moving two key cogs in its global corporate structure to the UK.

 

Currently based in Austria, both Steinhoff Europe and Steinhoff Finance Holding are to relocate to the group's 5th Floor offices at Festival House in Cheltenham.


Simplified Steinhoff Structure

Steinhoff Structure Simple
Steinhoff, which recently tied up a lock-up agreement with creditors that eases the short-term pressure on the company as it reconciles historic accounting misdemeanours, announced the move in a stock market filing.


For each company, it said this included the principal place of business and address for all its notices and communications; the management and principal place of administration; and the head office.


Other than the directors of the two companies, none of which are resident in Austria, it is not clear whether there is any other impact on employees from the move.


Steinhoff's centralised head office functions are unlike those of other similar sized corporations, a source with knowledge of Steinhoff's structure once told The Furnishing Report.


"Some €4 billion companies have 600 people working at their HQ. Steinhoff is four times as big, but has only about 60 people working at head office."



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