GB Bank, which has a high-profile HQ in the centre of Middlesbrough, says it will now change that and make Mayfair, London its HQ while keeping the Middlesbrough offices.

The bank, which specialises in lending to SME property developers and investors, recently received £85 million investment to support a rapid expansion of its lending portfolio and geographical reach. This has included relocating its headquarters to its new office in Mayfair, London to target the property sector in the capital and the South East, whilst maintaining operations in the North East.

It is understood that the Middlesbrough office in Centre Square will be operating as it has done previously – no-one will be moving out and the headcount there will be unaffected - but the headquarters address will now be that of the London office, which opened in June.

The bank, one of the UK’s fastest-growing specialist property finance banks, has also announced the appointment of Mike Says as its new Chief Executive Officer.

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Previously the bank’s Chief Financial Officer, Mike succeeds co-founder Stephen Lancaster, who is stepping away after seven years in the business.

Stephen Lancaster, co-founder of GB Bank, said: “I have had seven incredible years building and launching GB Bank. The recent investment has secured the future of the Bank and now is the right time for me to step away and focus on personal and family commitments. I am incredibly proud of what we have achieved together as a team.

Mike Says has over 30 years of banking and finance experience, having held senior positions with Citibank, Capital One, Lloyds and Harrods Bank.

He said: “We plan to significantly accelerate GB Bank’s growth, solidifying our position as a leading specialist lender in the UK residential property sector.

“The move to Mayfair underlines our commitment to the London property market, while we continue to support our valued customers across the UK.”

To support its continued growth, the bank has started a major recruitment drive, aiming to double its workforce within the next year.