AHMM latest to use three year old initiative
The architect behind the new headquarters building for London’s Metropolitan Police has become the latest practice to be majority owned by its employees.
AHMM, which was established back in 1989, has set up an employee ownership trust meaning that the firm’s 370 staff will have a say in the running of the company.
Employee owned trusts (EOT) were introduced by the government in September 2014 in an attempt to encourage more shareholders to set up a corporate structure similar to the John Lewis model.
In a note published in the summer, accountant BDO said the EOT model allows “employees to indirectly buy the company from its shareholders without them having to use their own funds” adding that perks for shareholders included “no capital gains, income or inheritance tax liabilities should arise on the disposal of a controlling interest in a company to an EOT”.
Other firms making the move to employee ownership include Make, the practice behind 40 Leadenhall in the City of London.
The news comes as AHMM, which was also behind Derwent’s White Collar Factory on Old Street roundabout, said the profit share for staff last year edged up to 9% of salary.
In the year to March 2017, income at the 2015 Stirling Prize winner was up 16% to £34m while pre-tax profit jumped 71% to £3.9m.
The firm said it completed work on a number of other schemes during the year including fitting out Google’s office for its 2,500 staff at 6 Pancras Square at Argent’s King’s Cross development in north London.
The bulk of the firm’s work is from the UK, with just over £4m coming from overseas.