We recently moved into a new HQ, and will be seeing some of you at our welcome party this evening!
It’s amazing to be in our shiny new home, but moving hasn’t been an easy process! Our people operations manager @Bethtoms led the move, and for any other startups approaching their own office move, she’s shared what we learnt during the process.
Interesting write up @Bethtoms! Thanks for taking the time out to post it, definitely not something I would expect from my bank!
Very interesting. Thanks @Bethtoms
Finsbury Square sounds like an expensive address. I’d be interested to learn why it’s appropriate for such a young company.
Don’t read the Daily Mail by any chance, do you?
I’m intrigued at the concept of addresses being ‘appropriate’ for certain purposes. I’ve never heard that before.
Seems obvious to me. Real estate in central London is expensive, other parts of the country are cheaper. Why does Monzo need to be where it is?
Ah, so its just guesswork about rental affordability. Understood. I thought there was more to it, sorry.
Because of the talent pool.
And cluster effect. @chrisjk Think the City of London for banking, legal and accountancy. The value in having these services in such close proximity is considered to exceed the costs associated with the physical location.
The same applies to Monzo. The location, symbolically is actually quite interesting, almost like a metaphorical and physical bridge between technology (Old Street roundabout) and finance (Broadgate). There’s also something genius in Monzo occupying the former Bloomberg offices, another platform that transformed a space.
But yes, rents must be eye watering.
Didn’t Monzo also say that they would be subletting part of the building anyway to help with the costs?
Yeah they did, some of the floors. Then I guess kick them back out when they need them
I can well imagine that the talent pool and cluster effect are indeed big influences.
Apologies, in a rush earlier. But to further answer your question @Feathers addresses being appropriate for certain purposes is a pretty well established concept I thought. For business, inviduals and landlords.
It’s as unlikely Poundland would open on Mount Street as it is for Harry Winston to open up shop at Ridley Road Market. Projection of intent/brand/values, proximity to your market, costs, access and a host of other factors come into play when assessesing appropriate addresses for a particular business activity.
A good example of this are the higher costs associated with prestigious addresses when using remote mailboxes. An address on the Edgware Road doesn’t cost as much as an address on St James’s Square for example.
Not as expensive as you might think, Monzo have played a clever game here.