The former head office of private bank Adam & Co is to become the temporary home of rival Scoban as it prepares to open for business.
Scoban, founded by chairman Ray Entwistle, has signed a ten-year lease to take on 9 Charlotte Square as its headquarters. However, it will occupy 22 Charlotte Square while its new home undergoes a “major refurbishment” over the coming months.
Entwistle spent 26 years at Adam & Co and negotiated its sale to Royal Bank of Scotland in 1993. He served as chairman between 2004 and 2010, and said the temporary move back into his former employer’s offices was an “ideal interim step”.
He added: “Our head office at 9 Charlotte Square will be a fitting and appropriate location to establish and grow our business from and we look forward to welcoming our clients to this fabulous building.”
The bank completed a fundraising exercise in July, receiving offers to subscribe to more than £5 million worth of shares, and has appointed Espirito Santo as financial adviser to support its development.
Its move into Charlotte Square marks the first major letting within the Charlotte Square Collection since its launch in October by Bermuda-based property investor Fordell Estates. Nick Ball, director of Fordell’s development partner Corran Properties, said: “We’re looking forward to welcoming Scoban to Charlotte Square.
“This is a fine demonstration of our belief that creating buildings and public space of the highest quality will result in new investment in the city.”
Scoban has appointed a number of former Adam & Co veterans to build its management team, including chief operating officer Stuart Alexander, chief information officer Ian Jones, facilities director Alan Young and human resources manager Grace Mitchell.
The bank said earlier this year that it would need £50m to provide working capital, staff and offices for the core bank, while raising funds through a potential listing on Alternative Investment Market was also an option.
Entwistle said: “Our overall plans for the launch of our new private bank are making good progress.”