National financial body relocates new office to West Midlands with 300 jobs
A national financial body is to locate one of its offices in Coventry, bringing 300 jobs to the city as it does.
The Financial Ombudsman Service is set to take two floors of the new 11-storey One Friargate, now nearing completion near the railway station.
The announcement more than offsets the 250 jobs lost to the Friargate project following the decision earlier this year by the Royal Institution of Chartered Surveyors to vacate Coventry in favour of Birmingham.
The Financial Ombudsman Service is understood to have been looking for some time for an additional base outside London with good transport connections.
Cllr Jim O’Boyle, cabinet member for Jobs and Regeneration on Coventry City Council and a board member of the Coventry and Warwickshire Local Enterprise Partnership, said: “Not only were the Financial Ombudsman Service impressed with the location, right next to the station with a regular and fast service to London, they also see real potential for their business be based here and we were able to beat off other areas in an open process.
“We’ve always been clear that if the right partner came along, we would be happy to restructure our move, to encourage investment and job creation here in the city.”
The deal, which the council hopes sends out a positive message to other organisations looking to relocate, has been completed in quick time, taking just under a month to arrange.
The ombudsman service will take approximately 22,500 sq ft at the building on a 10-year lease, and will be moving into the premises from October. This will result in the city council retaining its offices at Broadgate House in the city centre, together with 300 staff.
Caroline Wayman, chief ombudsman, said: “We’re delighted to have found this excellent new office space in Coventry and are looking forward to moving in and getting to work.”
Steve Reynolds, of Friargate, added: “The Financial Ombudsman Service choosing to locate some of its offices away from London shows huge confidence in Friargate and illustrates the attraction of the city and the development to a range of potential occupiers.
“I am sure that, with the first two major employers now set to move into One Friargate before the end of the year, interest in Friargate and Coventry as an attractive business location will continue to grow.”
Jonathan Browning, chairman of the Coventry and Warwickshire LEP, said: “Friargate is a flagship development for Coventry and to attract a major employer and nationally-renowned body like the Financial Ombudsman Service underlines its potential and sends out a strong message to other companies and organisations looking to locate in the Midlands.”
