Stock Exchange gets stoned

Developers of the City's new £36m Stock Exchange, anxious to avoid a repetition of the embarrassment suffered by the British Museum, have placed one of the largest ever orders for fine Portland stone from Albion Stone Quarries group.

The new building will emerge in the shadow of St Paul's cathedral, for which Sir Christopher Wren also used Portland stone. Two years ago the British Museum was widely criticised when its new portico, constructed from cheaper French stone, failed to match its original 19th-century Portland stone.

The £1.5m order for 1,050 cubic metres of the prized stone is largest ever won by Albion. The group's managing director, Michael Poultney, said: "When we first got the contract we didn't realise the stone was to be used for the new London Stock Exchange."

After an extensive testing programme, the architect, Eric Parry, has chosen a distinctive type of Portland called Independent Grove Whitbed.

"Quality counts," said Mr Poultney, who is the third-generation boss of a family stonemasonry firm. "I think the fact that the new building is being used to house the Stock Exchange persuaded the architects not to choose cheaper options from quarries in Europe."

Albion began leasing its quarries from the crown in 1979. The only rival Portland stone quarries are by run the giant Hanson Group.

Portland is noted for being durable yet easy to work with. While the stone selected for the new Stock Exchange will be used as cladding, it will also serve a structural function, partly supporting the building.

The development is part of a bigger £400m scheme. Six new buildings are to be constructed after a protracted planning process, in which the City Corporation required that all space had to be pre-let. There will be 750,000 sq ft of office space and 122,000 sq ft of leisure and retail space.