Quayle nets £1.8m for HQ to lift profits up by 500%

EDINBURGH investment bank Quayle Munro has netted £1.8 million by selling its historic Charlotte Square premises, it revealed yesterday in results that showed a six-fold jump in profits.

The finance house is due to move out of the square by the end of its current financial year on 30 June and will become a tenant at a new-build office block, believed to be West Port, near Edinburgh College of Art.

Ian Jones, the company's founder and chairman, who will retire later this month, told The Scotsman: "The youngsters in the office don't like the lovely old fashioned gentlemen's club atmosphere at Charlotte Square where we've been for the last 16 years.

"They like their goldfish bowls – the idea of the top floor and brilliant views."

The disposal helped the company grow pre-tax profits to 3.6m in the six months to end-December, up almost 500 per cent on the 600,000 made in the same period the previous year.

Its profitability came from investment gains, which netted it a total 3.55m. It made 3.5m on selling its stake in Submersible Technology Services, one of its major private investments, and another 100,000 on the disposal of listed shares. Losses before investment gains were 750,000.

Revenues rose to 5.2m, up 15 per cent on the year or a third after stripping out revenue from The PFI Infrastructure Company.

The results relate to a period of boardroom changes. Chief executive Peter Norris left in October to become chairman of Sir Richard Branson's Virgin Group, a long-standing client of Quayle's. He was succeeded by Andrew Tuckey, already a director. He will also become chairman when Jones retires.

A 10p dividend has been declared, the same as last year.