Recent plans for Regent Markets Pty Ltd’s 2011 expansion into offices on Victoria St in Melbourne’s have today been scrapped by the company’s board.
Regent Markets Pty Ltd (Australia) today cancelled all plans to expand into a third premises in Melbourne’s CBD by mid 2011. The main reasons cited for the sudden cancellation include the increasing costs of setting up the office’s infrastructure and an inability to confirm enough skilled staff to work from the location.
“This venture has never been more than a 50/50 chance in our minds” Said Mr Sasonow, CEO of Regent Markets Pty Ltd (Australia), “It’s still number one on my list of potential locations for a new office premises though when it does become a feasible option to expand”.
All the clients of Regent Markets Pty Ltd living in the Melbourne area will have to wait a bit longer to have close access to the Company’s staff. The proposed date to reconsider an expansion into a third premises is currently set for Monday, 21st of March, 2011 in the weekly general meeting.
The main reason for Regent Markets Pty Ltd’s change of plans undoubtedly came down to cost. The total costs for the proposed expansion were today revealed to be up 57% on initial projections. The main factors behind this increase are infrastructure technology price rises and the fall through of the first proposed lease on the Victoria St office. The costs began to far outweigh the projected business benefits of having a Melbourne office.
Regent Markets Pty Ltd issued a statement to its clients today alerting them of the changes to the planned expansion and assuring them that the service they receive will not suffer in any way as result of this. “From what we can tell so far, this change is being received very well by our staff and clients alike. Despite the interest in the plans when they were initially conceived, there really hasn’t been any negative backlash at all so far after the announcement was made to scrap the plans.” added Mr Sasonow.
Staffing concerns have also been growing as many of the employees originally offering to relocate to Melbourne have withdrawn their offers and one of the two proposed new trading analysts was head-hunted by an American organisation recently. Regent Markets Pty Ltd (Australia)’s Index Trading service will be unaffected by these most recent developments.
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