TMF is Set to Transfer HQ to London in a Boost for Business in the United Kingdom

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TMF, a Dutch firm, is set to transfer its headquarters from Amsterdam to London as a result of its £1bn float on the London Stock Exchange in an advance for the capital.

The firm stated that the said move was “a vote of confidence for the UK”, amid rising concerns that some companies are likely to relocate to continental Europe once Britain withdraws from the European Union.

TMF is a provider of business services that include human resources support and payroll processing to businesses that want to expand into new areas, in order to assist them to navigate unfamiliar employment legislation.

The firm stated: “Brexit has not been a barrier to the company choosing London, in fact, the UK’s exit from the EU could actually present an opportunity to TMF Group, given that business complexity and companies moving across borders are key drivers of its business growth.”

On Thursday, TMF said that it was planning to raise €340m (£303m) from its float, which will be utilised to pay down debt and lessen its leverage.

It is anticipated to join the FTSE Index, in what is considered as one of the biggest floats on the exchange in 2017. THe DH Private Equity Partners, formerly Doughty Hanson, owns the majority of The TMF Group since 2008.

Despite warnings after last year’s referendum that numerous firms would be forced to leave London, there are still no signs of a mass exodus.

The Deutsche Bank has signed a 25-year commitment for a new headquarters in London in August. On the other hand, other financial institutions have expressed their desire to stay in the United Kingdom, particularly while negotiations around the Brexit Terms are continuing.

Other overseas firms that have also committed to new bases in the capital: earlier in 2017, McKinsey & Co, a US consultancy group, agreed on a deal to take a new office in central London, moving from its present base.