Snapchat is moving to the UK
Snap Inc. which is the company’s new name, have announced that it will be setting up its main international hub outside of the US, in London.
The company already has offices in Soho, but plans to open a new site close by to head up its European operations.
The news comes amid fears that Brexit will negatively impact the UK’s technology industries, however the company says it chose the London base because of the UK’s “strong creative industries [which] make this a great place to build a global business.”
However the decision of the company – valued at $25bn – to base operations in the UK goes against the trend of tech giants such as Google, Facebook or Apple to base operations in European countries like Luxembourg or the Netherlands to benefit from lower taxes.
The new British company will be named Snap Group Ltd which is understood to reflect the company’s new identity as a camera company, explained on its website: “we believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate.”
A statement from the Claire Valoti, General Manager of Snap Group Ltd said ““We believe in the UK creative industries. The UK is where our advertising clients are, where more than 10m daily Snapchatters are, and where we’ve already begun to hire talent.”