Telecoms giant BT has agreed a £209.6 million deal to sell its London headquarters as it ploughs on with a radical overhaul of its offices.

A real estate fund managed by private equity firm Orion Capital Managers is buying the building in St Paul's.

The deal includes an initial agreement for BT to lease back the 300,000sq ft building for 30 months, allowing it time to move to a new location in the capital.

BT said it would announce details of its new headquarters "shortly".

It comes as part of the group's sweeping shake-up announced last month that will see 270 offices closed.

Edinburgh has already been named as one of its new hubs under the plans.

READ MORE: BT to close offices at 270 locations across UK

The consolidation plan - the biggest of its type in the UK - will see 300 offices reduced to 30 by 2023, although BT stressed that no jobs will be lost as a result of the move.

However, it has also previously said it is cutting around 13,000 staff and also hiring about 6,000 people under a drive to save £1.5 billion over three years and modernise the business.

Around 52,000 people are currently employed across BT's 300 locations.

The 30 centres remaining after the cull will be modern buildings, including corporate offices, contact centres and specialist sites.

Its key locations in the future will be in Belfast, Birmingham, Bristol, Cardiff, Edinburgh, Ipswich, London and Manchester.

Builder Galliford Try has affirmed expectations for the full year, as it completes a restructuring of its construction business.

Analysts expect profit before tax for the year to be between £112.7 million and £116.4m, including a £40m bill for exceptional items.

In April the company issued a profits warning, indicating that it would take a hit of up to £40m related to the Queensferry Crossing project.

READ MORE: Hotel owner flags sector worry over Brexit visitor hit

Net debt as of June 30 was £60 million, with an average net debt of £187 million, in line with previous guidance from the group.

Chief executive Graham Prothero said: "The business is now firmly focused on its core strengths of regional building operations, together with profitable operations in highways and water, all of which are now performing effectively.

"I look forward to the next financial year with the appropriate strategic priorities in place across the group."

It comes as Galliford completes the restructuring of its construction business, which it confirmed in May would affect up to 350 jobs.

Meanwhile, the Linden Homes division of the business has been refocused on mid-range family houses and reduced exposure to central London, where house prices have on average been weaker.

Mr Prothero said: "Despite the weaker economic outlook, Linden Homes continues to see robust demand, with operating efficiencies driving strong margins and improving customer satisfaction."

Big spenders in the City are snapping up luxury watches in huge numbers, according to newly listed Watches of Switzerland.

The company, which joined the London stock market in May, said sales in the year to April 28 jumped 22.5% to £773.5 million, with pre-tax profits hitting £20.1 million.

Sales of luxury watch sales were particularly impressive, jumping 28% to £631.4 million, and accounting for 82% of all sales.

READ MORE: AG Barr shares plunge 28% on profit warning

To cash in on the rise and rise in demand, the company said it would open a new store in the heart of the Square Mile in London, surrounded by some of the highest-earning workers in the country.

Watches of Switzerland is the UK's largest retailer of Rolex, Cartier, Omega, TAG Heuer and Breitling watches and has used its size to expand throughout the year.

Trading as Goldsmiths, Mappin & Webb, Watches of Switzerland and Mayors, bosses spent £33.8 million on expansions, including seven new showrooms - with sites opened in New York, Las Vegas and London - and 11 refurbishments.

The company will now turn its attentions to the US, where the company believes it is ripe for expansion.

Bosses also revealed that the money raised from the recent listing on the stock market, which valued the firm at £647 million, has been used to scrap its high-interest corporate bonds.

Chief executive Brian Duffy, said: "Current trading remains encouraging and we are confident of meeting the Board's expectations for the financial year ending April 2020.

"We are the UK's leading luxury watch retailer, hold a growing position in the US market, and operate in a highly attractive market in which demand for luxury watches generally outstrips supply.

"We are well positioned to deliver on our strategy and look forward to achieving continued growth in the year ahead."

Watches of Switzerland has been one of the few successful stock market flotations of recent times, following a string of businesses that have seen their share price collapse.

The watch business listed at 270p a share and rose to 294p by lunchtime on Wednesday.