17th Jan 2020 15:53
(Alliance News) - FinnCap Group PLC said Friday it has signed a lease on a new premises in 1 Bartholomew Close to commence on April 2 as part of its office consolidation plan.
The city stockbroker said it believes that operating from one location will make it easier to capitalise on the additional revenue opportunities that are available to the company as a result of delivering multiple services.
FinnCap also said since its existing lease expires on September 2, 2020, the company will incur an exceptional charge to the profit and loss account during the year ended March 31, as a result of the overlap of the two leases.
"It is intended that the fit out of the new office will be lease financed over a period of five years so that there is no significant impact on the group's existing cash balance," finnCap said.
Sam Smith, chief executive officer, said: "We are delighted to have found a property that allows us to operate under one roof, provides room for future expansion and will help us generate additional revenue synergies from the acquisition of Cavendish Corporate Finance in December 2018."
FinnCap shares were in London on Friday afternoon, having last closed at 23.50 pence.
By Loreta Juodagalvyte; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
FCAP.L