Charles Russell accounts reveal £14m cost of London office move
Charles Russell spent £14m on its new City office during the last financial year, with the firm taking out an £11m bank loan to help finance the move. The investment is detailed within the firm's 2008-09 limited liability partnership (LLP) accounts, recently filed with Companies House.
March 01, 2010 at 10:21 AM
2 minute read
Charles Russell spent £14m on its new City office during the last financial year, with the firm taking out an £11m bank loan to help finance the move.
The investment is detailed within the firm's 2008-09 limited liability partnership (LLP) accounts, recently filed with Companies House.
The City firm moved from its former office in New Fetter Lane into the Fleet Place premises in March 2009 and spent the £11m loan on fixtures and fittings, office furniture and IT equipment.
In addition, the firm asked partners for an additional £4m in capital to part finance the new office.
Total members at the firm increased from 90 to 100 over the year, with members contributing £14.6m in capital, up from £7.4m in 2007-08.
The firm's highest-paid member took home £357,898, compared to the previous year's figure of £411,181. The firm reported turnover of £69.5m in 2008-09 against average profits per equity partner of £235,000.
A Charles Russell spokesperson commented: "Moving our headquarters was a big event during the year for the firm which resulted in a number of one-off costs. All in all, given the economic climate, it was a good year for the firm."
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