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.
