Diageo is consolidating its office presence in London, with the proposed closure of its flagship site in the city.

The UK-based company confirmed today (23 March) that it intends to close its office in the centre of the capital, with a view to moving its operations into another site it currently has to the west of the city.

Last month, Diageo said that it is set to introduce a cost savings programme across the organisation from 1 July, in the hope of saving up to GBP100m (US$142m) annually.

"The savings will come from costs of goods sold and overheads - which include running costs, facilities and employees - and contributions to these savings will come from most parts of the business around the world," the company said today.

"As part of this plan, Diageo is currently consulting with its London-based staff on a proposal to move to a single London operation, based in our existing purpose built office in Park Royal."

The company said it is subsequently targeting the end of this year for the closure of its site in Henrietta Place, just off Oxford Street in the city.