Lowes Financial Management have taken possession of the keys to Fernwood House – their new office, the former Greggs Plc Head Office, in Jesmond.
Lowes, one of the UK’s longest established firms of Independent Financial Advisers and one of the first to achieve Chartered Status, is currently based in Holmwood House, Clayton Road, and will be moving just two doors down to Fernwood House on May 20.
Fernwood House gives the company almost 10,000 square foot of additional space, providing more client meeting rooms and space for the company to expand further.
The contracts for the deal were handled by Gordon Brown Law Firm LLP to buy the property from the UK’s leading bakery food-on-the-go retailer, Greggs.
As part of this growth, Lowes is open to the opportunity to welcome new advisers and acquire the client banks and staff of other firms. Coinciding with the move, Lowes are welcoming the client bank of North East Independent Financial Services Ltd along with director Jennifer Morris and her assistant Susan Jane Plimley to the Lowes family.
Lowes started in Pilgrim Street, Newcastle, in 1971, moving to 10 Market Street in 1973 where it gradually expanded, taking on more offices above and between Lloyds Bank and Northern Rock Building Society. When Lowes moved to Holmwood House in 1984, there were just 12 people working for the company.
As the firm expanded it acquired a neighboring property, Holmwood Mews in 1991 when the previous occupants JW Mitchell Dodds Solicitors moved.
Over its 45-year history, the company has continually expanded and now more than 70 individuals work for, or are associated with Lowes to the extent that Holmwood House has become a little overcrowded.
Lowes Financial Management managing director Ian Lowes says: “The opportunity to acquire Fernwood House came at just the right time for us. We’ve gradually expanded to occupy all of the available space in Holmwood House & Mews and Fernwood will give us a lot more breathing space and plenty of room to expand. Additionally, whilst we have loved working out of Holmwood House, the extended Fernwood House provide a more appropriate layout which will facilitate closer integration of departments and greater efficiencies.
Greggs chief executive Roger Whiteside says: “While Fernwood House served us well for over 20 years our move to Quorum Business Park is a positive and exciting step for Greggs and will allow us to bring the majority of our central functions into one location.
“Like Lowes Group we are proud of our North East roots, where the Greggs story first began over 75 years ago, and the family values which remain at the heart of our business today. We hope that their new home brings them continued growth and wish them every success for the future.”