This is basically the same as setting up a new site, rather than a redesign with new pages....eg. starting again.
I would recommend having two sites. The .com for global customers and then using your .co.uk to create a new site especially for UK customers. This way you don't lose the .com traffic, plus you can have a UK site dedicated to UK search engines and customers.
Don't copy word for word every page on the .com site to the .co.uk site though - this can cause search engine problems as they don't like duplication. UK customers are different to US customers so you should have no problem creating a 'different' site. You can use the same design, just different copy, eg. spelling, currency, language, bung a Union Jack in there, etc.
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