£1m refit for new Scoban head office in Edinburgh

Scoban, set up by former Adam & Co chairman Ray Entwistle, is currently based at 22 Charlotte Square, once the home of Entwistle’s former employer.

The business expects to move into its new home in July.

Entwistle said: “Establishing our head office at 9 Charlotte Square is an important step. Our plans are progressing well and we look forward to building a very successful business from this impressive building.”

Scoban has signed a ten-year lease on the property, which was once the home of Professor James Syme, a surgeon at the University of Edinburgh.

Entwistle told our sister paper Scotland on Sunday that he will have to raise just £30m to get his bank off the ground, less than half the £67m he originally had to find.

The lower capital requirement was unveiled last week by the Bank of England and the Financial Services Authority, which was yesterday replaced by the Financial Conduct Authority and Prudential Regulation Authority under a shake-up of how the financial services industry is regulated. Politicians and regulators are keen to encourage more lenders into the market.

Entwistle expects to meet the regulators next month to discuss authorisation for his new bank. Scoban’s new home is one of six properties due to be redeveloped this year by the Charlotte Square Collection, which is owned by the Bermuda-based Sopica Global Real Estate Investment Fund and managed by Corran Properties.

The collection includes a total of 19 buildings within the historic New Town square.

Andy Mallice, managing director in Scotland for Aim-quoted ISG, said that Charlotte Square would be “an ideal location to run a private bank”.

Nick Ball, director of Corran Properties, added: “ISG has an excellent reputation of refurbishing listed buildings of the same scale and importance as 9 Charlotte Square.

“The stunning townhouse will be developed into modern, high-quality office accommodation to meet Scoban’s needs.”