Lloyds outsources IT services

Technology specialist Bull is set to take over the management of IT for Lloyds of London in a £26M 7-year contract.

Bull will use the Chatham data centre to meet the needs of Lloyds, but also as a base to offer its own services to other clients.

As systems have developed and become less space-hungry, Lloyds has found itself with surplus facilities. Bull's utilisation of the building will help to reduce its overheads.

Cutting costs and increasing flexibility, as well as securing the futures of staff, were the key considerations in the contract, according to IT general manager Tim Gregory. Bull will be taking on 47 Lloyds employees.

Elliott Chase