Start-up bank Metro is on the hunt for development partners as it seeks space to fulfill its ambitious expansion plans.
The bank, founded by US tycoon Vernon Hill, said it was looking to form joint ventures with developers to ensure it gets the type of outlet it wants for Metro.
Calum Ewing, partner at Knight Frank, which is handling the expansion, reckons the strategy to partner developers will be attractive to the industry.
“Metro will develop the building at its own cost,” said Ewing. “It will secure planning and do the demolition, if necessary, in exchange for a 25-year lease and discounted rent. From a developer’s point of view, there is no risk.”
Metro stepped up its expansion plans in December after raising £50m of fresh capital. It plans to open 18 branches in the next two years and to have a portfolio of 200 banks, mainly in Greater London and the South East, by 2020.
The bank opened its first premises in Holborn, WC1, last summer. It currently has five operational branches.
