Tim Wray, chairman of Turner & Townsend, has said he will not to cut salaries at the consultancy, despite other top QSs cutting pay by between 12% and 20%
Wray said T&T’s overheads were likely to be lower than many of its rivals’ because its back office staff were based in Leeds, whereas competitors’ tended to be in London. Cyril Sweett, Davis Langdon, Gleeds and Gardiner & Theobald have recently announced pay cuts.
Wray said: “It’s unlikely that people will get pay rises and we have not recruited for several months – apart from the odd specialist position – but we will not be cutting people’s salaries.”
T&T made 20 UK staff redundant earlier this year. In addition, 25 were lost in the firm’s UAE offices, where the firm still employs 90 people in Dubai and Abu Dhabi.
Wray added that the firm was on target to achieve a turnover of between £205m and £210m at the end of its 2008/09 financial year on 30 April, up from £173.1m last year.
He said he was looking for acquisitions in the US, Canada, Russia and India. “It’s a good time to buy because companies out there aren’t making acquisitions.” In March the firm bought Busby & Associates, a cost consultant with five offices.