Vanquis Bank adopt a new property solution that focuses on its business, not just its buildings

Executive Summary

When Vanquis Bank (part of Provident Financial) needed a new headquarters, it dismissed traditional options such as, leases and capital purchase in favour of an alternative approach to property procurement; a solution that did not compromise its business needs.

The Bank achieved this by partnering with ‘Occupier Solutions’ specialist Portal. A company who offer business-driven, fully managed accommodation that includes all the capital expenditure components within a fixed price operational contract.

By adopting this proposition, the Bank was able to take the risk out of property provisioning and focus all its resources on its core business activities.

The Portal solution enabled them to:

• Procure a new headquarters to house its 400 plus employees two years earlier than with other alternatives
• Avoid the capital investment costs of occupying a new facility
• Only commit to the space it actually needed, with options for future growth
• Mitigate the unforeseen risks associated with property/lease acquisition
• Plan for a clean exit, with no write-off or future financial legacy issues