Following annual expansion at the rate of 20% year on year, Exeter-based professional services firm Prydis is moving into a new £7.3m head office in Southernhay this week.

In May 2017, Prydis, along with some high net worth investors, bought all the shares in The Senate Court building as an investment.

Now, after a full refurbishment, the firm, which offers legal, audit and accountancy, corporate finance and wealth management services is ready to move into half a floor of the four-story A grade building.

Gary Randall, Director for Prydis Group said:

“We have grown significantly over the past few years, and now have more than 80 people working across our offices in Exeter, London, Manchester and Cornwall, but our aim is to have more than 100 by this time next year.

“We wanted to find a building that not only offered the room we need for further growth, but we wanted to stay in the heart of the city and Senate Court was the perfect fit. The new office will allow us to be able to accommodate at least 20 new staff straight away and will allow us to increase staff numbers to support the business as it continues to grow.”

While the office move is obviously a great step forward for the staff at Prydis, it is actually also providing a great investment opportunity, as Mr Randall explains.

“We are a legal practice, accountancy practice, corporate financier and a wealth management firm all under one roof, so we were in a unique position where we were able to deal with the purchase of the new building completely in-house.

“We chose The Senate Court Building because it is one of only two purpose built Grade A offices in central Exeter – the other, The Senate, is next door. Interestingly, the day before we completed on the purchase, The Senate was acquired by Schroder Real Estate.

“The fact that both Prydis and Schroders made such similar investment decisions, completely independently, shows the strength of the proposition. It has proved to be an excellent investment opportunity to clients that wanted to invest in this sector.”

The move into the new building is part of a long-term growth strategy for Prydis, which also includes the appointment of former PwC senior partner, Stuart Wallace as a non-executive director.

The 53-year-old, who retired in December, was previously managing partner and COO for the PwC Midlands Tax business, and also led the PwC UK Tax Compliance business through a technology-enabled transformation programme toward digital delivery.

He has been a strategic advisor for clients on the Fortune 500, FTSE 100 and FTSE 350, as well as large private and family owned businesses.

In his new role at Prydis, Wallace will advise the board on how to develop the group’s strategy, with a particular focus on client service, systems and people development.

Joe Priday, managing director of Prydis Group said:

“Stuart was my boss and mentor when I was at PwC, and he really is a master in professional services.

“Following the announcement of his retirement, he was flooded with offers, so we were delighted when he decided to come on board. He will be a huge asset to the company.

“Our management team will benefit enormously from the skills, knowledge and expertise he brings, and this will disseminate out to our clients.”

Wallace, who is also a non-executive director at Heart of Midlothian FC and chairman of the club’s supporters’ movement, the Foundation of Hearts, said he wasn’t ready to completely retire, which is why he was keen to join Prydis.

“The position of non-executive director at Prydis really appealed to me because it gives me the chance to apply the best bits of corporate professional services practice to a relatively small, new wave joined up professional services firm.

“Having worked with Joe for over three years at PwC, I have confidence in his vision for further growth and expansion, and am really looking forward to helping the management team achieve it.”