The new practice Lucrum Consulting will take on £2bn of Gleeds projects

The Australian arm of QS Gleeds is to separate from the firm after negotiating a management buy-out.

The new firm will be called Lucrum Consulting, and it will take on the £2bn portfolio of projects from the Australian practice, which Gleeds launched in 2005.

Gleeds declined to name the price of the buy-out. The business has offices in Sydney, Brisbane and Melbourne and clients across Australia and Vietnam. The current management team will continue to run the business.

David Kelly, managing director of Lucrum Consulting, said: “It is business as usual and is simply a change of name. All staff will remain in their current roles and our pipeline of projects remains the same.”

The name Lucrum is derived from the Latin for profit and advantage.