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I worked for a company in Bracknell where that was Friday every week (except we finished at 12:15). Problem was, unless you were mates with colleagues, it meant an afternoon hanging around alone until your mates finished work. At the time (I was 24), it felt like a waste of an afternoon, as someone rapidly approaching 50, it feels like it'd be great to have an afternoon to waste every week.
More like 1:30pm, followed by liquid lunch and not returning to the office.