It said “As a direct result of the severe economic conditions in the Russian market and as part of DTZ's strategic review of its operations, DTZ has decided to no longer financially support OOO DTZ Debenham Zadelhoff.”
But no exact date has been set for the closure. DTZ explained that clients in Russia will be serviced via a franchise with its existing partner in Kazakhstan, TOO DTZ Kazakhstan.
The closure is part of an ongoing structure and it said there will be no significant financial year and if anything, its earnings would be enhanced after the losses attributable to DTZ Russia in the year to April 2009 were £6m. The gross assets of DTZ Russia at 30 April 2009 were £3m. DTZ’s offices in Russia attributed to losses of £6m while the assets themselves in Russia were thought to be £3m.
Last week DTZ announced it has planned for the redundancy of 100 roles in the UK.