New bourse setback

Scottish Stock Exchange ‘facing eviction over unpaid rent’

Tomas Carruthers at parliament

Tomas Carruthers has insisted the project is on course (pic: Terry Murden)

Scotland’s proposed new Stock Exchange is understood to be facing eviction from its new head office as its backers are pursued for unpaid rent.

Bourse Scot, which aims to establish an exchange for the first time since 1973, moved into the offices at 39 George Street, Edinburgh, in the summer.

It signed an initial four year lease with Crown Estates Scotland for 7,800 sq. ft (725 sq. m) of offices over two floors

Crown Estates Scotland, now says rent has not been paid for some months and has been working with lawyers. It expects the tenant to be “out of the property next week” , according to The Sunday Times.

Daily Business reported in September that Project Heather’s planned launch date had slipped from the end of this year into next year, although it claimed that its launch date was in the hands of the regulators.

A number of staff have left, amid reports that some are pursuing legal action for unpaid salaries.

Daily Business revealed in the summer that its operating partner Euronext, which operates a number of bourses around Europe, had “nearly walked” over its concerns about Brexit.

Project Heather raised a seven figure sum from business advisers Anderson, Anderson & Brown in March and £750,000 from Scottish Enterprise in May.

Daily Business has requested a response from Bourse Scot.

Comment: Bell tolls for Scotland’s Stock Exchange

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