flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

RMJM acquired by Duthus Investments for £12 million

RMJM acquired by Duthus Investments for £12 million

Current owner/chairman Sir Fraser Morrison is reportedly the primary backer for the transaction.


By building.co.uk | April 16, 2013

 

 

Sir Fraser Morrison, the owner and chairman of architect RMJM, is the backer behind the investment firm that bought RMJM for £11m in late March.

Declan Thompson, RMJM’s group commercial director, said the deal, which involved Duthus Investments buying RMJM Architecture Limited for £11m, would wipe £12m of debt off the RMJM books and allow the firm to reinvest.

According to Companies House, Duthus Investments was incorporated on the 5 March.

Sir Fraser Morrison is a construction tycoon and one of Scotland’s wealthiest individuals and Thompson said the investment firm was part of his “family of investment companies”.

Morrison bought a 56% share in RMJM in 2002 and installed his son Peter Morrison as chief executive in 2006. At the time of the sale to Duthus Investments earlier this week Morrison owned 75% of the voting rights.

Thompson said the sale was a “simple thing to allow Sir Fraser Morrison to write off £12m” and was part of the board’s “strategy to get rid of debt off the books”.

He added that the deal left the firm with debts totalling around £11m and that the firm was “quite optimistic” about the future.

Thompson said the firm’s cash flow problems, which have seen staff receive salaries late and pension payments delayed, were now behind it following the sale.

“RMJM has spent much of 2011-12 doing difficult things and making difficult choices to get the business stable,” he said.

He said the loss of a number of senior staff over the last year had been wrongly reported by the media.  “In quite a lot of instances those people have been asked to leave the business because they weren’t performing,” he said.

He added there were no more plans for further cuts to staff numbers and the firm would be hiring new staff where necessary. “We have got to the point where we have enough, or just enough, very busy architects,” he said.

Thompson said he had no plans to add to the senior team, which includes recently-appointed principal Jonathan French, who joined from David Chipperfield Architects earlier this year.

Thompson said he expected to see recovery in the Chinese and Middle East markets to return some growth to the firm. “The UK market is going to stay quite difficult,” he added.

http://www.building.co.uk/buildings/architecture/morrison-emerges-as-backer-behind-rmjm-buyer/5052760.article

Related Stories

| Apr 5, 2013

Builders Hardware Manuf. Assn. revises three standards for hinges, locks, and latches

The Builders Hardware Manufacturers Association (BHMA) released three new revisions to the ANSI/BHMA standardsfor hinges, interconnected locks, and sliding and folding hardware.

| Apr 5, 2013

New items to ASHRAE/IES energy standard open for public comment

The 2013 version of the ANSI/ASHRAE/IES Standard 90.1-2010, Energy Standard for Buildings Except Low-Rise Residential Buildings, is scheduled for publication later this year, and 26 proposed addenda are open for public comment.

| Apr 5, 2013

No evidence that mandatory building energy labeling improves efficiency, study says

The Building Owners and Managers Association (BOMA) International and the Greater Boston Real Estate Board (GBREB) released a report, “An Economic Perspective on Building Labeling Policies,” that questions the efficacy of mandatory building energy labeling.

| Mar 27, 2013

Practical application of Legionella prevention standards the focus of ASHRAE project

An American Society of Heating, Refrigerating and Air-Conditioning Engineers committee drafting tough new standards to prevent the waterborne bacteria Legionella is focused on how to apply the standards in the real world.

| Mar 27, 2013

Open discussion of regulations on tap at AGC’s 2013 Federal Contractors Conference

The AGC Federal Contractors Conference provides a venue for contractors and federal agency personnel to meet in a collaborative forum to review federal construction contracting issues from around the United States.

| Mar 27, 2013

New BACnet standard offers significant improvements to alarm handling

Changes to the newly published BACnet standard from ASHRAE will encourage smart building automation controls systems including alarms.

| Mar 27, 2013

CEIR releases tool that measures energy, environmental benefits of roof systems

The Center for Environmental Innovation in Roofing (CEIR) released its new RoofPoint Energy and Carbon Calculator that is designed to help roofing professionals measure the energy and environmental benefits of modern roof system technologies.

| Mar 27, 2013

Sustainable wood controversy leads to LEED ‘backlash bill’ in Florida House

A Florida House bill that says state agencies should decide on a project-by-project basis which green certification standards are used on state construction passed a subcommittee vote 12-1.

| Mar 19, 2013

Colorado Zero Energy District project shows how businesses can reach zero-energy standard

An ambitious experiment in Fort Collins, Colo., is supporting development of the nation’s first major urban zero-energy district.

| Mar 19, 2013

New LEED for Neighborhood Development and Historic Preservation guide released

A new guidance manual, LEED for Neighborhood Development and Historic Preservation, outlines strategies geared towards helping building teams incorporate historic resources into their developments.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021