Rescue deal from RMJM’s owners designed to ease cashflow of troubled architect
RMJM’s owner, the Morrison family, is to inject £8m into the global architecture firm to ease its cashflow problems.
The rescue deal comes a week after it emerged 35 of the architect’s Hong Kong staff had defected to rival Aedas amid claims the company had failed to pay staff there on time.
The package has been split into raising £5 million by issuing extra shares plus a £3 million loan from the family. The deal is due to be ratified at the end of this month by RMJM’s shareholder
In a statement, Peter Morrison said his family had pulled together the deal in the last couple of months and it meant the business would now have a “robust financial position”. He declined to say where the money was going but it is expected it will be used to pay missing salaries along with key creditors.
Morrison said: “The economic downturn has meant a very difficult couple of years for the profession, but I’m immensely grateful to our teams and our partners worldwide for their patience.”
The firm added that its order book was back to pre-recession levels.