Frenkel buys new HQ for £850k

ADVISORY and investment management firm Frenkel Topping has completed the £850,000 purchase of new offices that will be its new headquarters in Salford Quays.

Design and fit out on the 9,700 sq ft building at Two Quays Reach in Salford will start shortly and the company said it hopes to have moved in before Christmas.

The lease of the firm’s current offices on Talbot Road, Old Trafford expires in December next year and Frenkel said it plans to sublet them for the final year of the lease.   

It added that from January 2018, the move would result in rental savings of £60,000 a year.

The company, which emplloys 65 staff, said the new building had the space to allow it to more than double the woerkforce as well as providing purpose built client suites for its vulnerable client base.

It also said that a cost review for 2017 had allowed the companty to save £400,000, allowing it to increase expected operating profits for the year to £3.4m.

Last month directors agreed to a combined salary sacrifice of £225,000 for the second half of this financial year in a move  Frenkel said “demonstrate their commitment to the long term future of the company”.

Jason Granite, executive chairman, said: “Owning our own building is an important step in the continued evolution of the company. The building not only provides staff with an excellent working area to retain and attract employees, it gives the company scope for expansion as we continue towards our target of £1bn of assets under management.  

“I am also delighted with the cost savings that have been implemented with no impact to business.”

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