Financial services firm Praetura will be relocating its headquarters from Castlefield to central Manchester after agreeing a deal with Orchard Street Investment Management to occupy space at Bauhaus on Quay Street.
The firm’s 25 staff will be moving into the Bauhaus development, opposite Manchester’s Spinningfields financial district and adjacent to the St John’s Quarter, occupying 5,935 sq ft on a 10-year lease.
The Praetura Group is an SME funder predominantly based in the North West of England. Originally established as Praetura Capital in 2011 by Mike Fletcher, David Foreman and Peadar O’Reilly, Praetura has experienced significant growth over the past eight years, investing more than £100m in North-West based SMEs, growing its loan book to more than £250m. During this time, the company has also tripled its staff count.
Mike Fletcher, chief executive officer of Praetura Group, said: “After spending eight years in Castlefield and experiencing rapid growth throughout that time, we’re delighted to be moving into bigger offices in the heart of the city. The extra space will be vital as we continue to growth our talent base and meet the needs of North West SMEs.”
In February this year Praetura’s Asset Finance division moved to larger premises as part of plans for future growth. Founded in 2013, Praetura Asset Finance will be moving to headquarters at Ewood House on Walker Park in Blackburn, a 5,875sq ft space across two floors.
Sarah O’Connell, asset manager at Orchard Street Investment Management, said: “We are delighted to welcome Praetura as the first occupier in the newly repositioned Bauhaus so soon after completion of the refurbishment. This further supports our conviction to commit significant capital to repositioning the building to provide genuinely unique office space.
“Bauhaus has been redesigned to offer truly occupier focussed office space with an emphasis on service. In a world where office occupier expectations are constantly evolving, we have sought to go above and beyond our competition, providing an Occupier Business Lounge, extensive Cycle parking & shower facilities, installation of a resilient backbone fibre connection and concierge service.”
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