Archial sale: Littlemore to remain as CEO
Chris Littlemore will remain at the top of Archial following its purchase by Canadian Company Ingenium
Archial’s administrators yesterday announced the sale of the majority of the group’s UK operations to Ingenium Archial, a subsidiary of Canadian company Ingenium Group.
The architectural giant, Archial went into administration last Tuesday (21 September) following its failure to thrash out a deal with HMRC over the scheduling of payment of its tax debt.
Archial Group’s chief executive Chris Littlemore (pictured right) will remain in his position as a result of the deal.
He said: ‘We believe that this transaction promises a bright future. By combining forces with the Ingenium Group, we join a global company that shares our passion and expertise in both design and project management.’
President and CEO of Ingenium Group, Victor Smith (pictured top), will join the board of the new company as executive chairman.
Explaining the acquisition Smith said: ‘The purchase of Archial is in line with our corporate strategy of focused and measured expansion around the globe.
‘We have been seeking a UK company to form the regional base for our international work and are delighted that Archial will serve to realise that goal for our company.’
Ingenium bought Archial Architects and Alsop Sparch. Archial Group, Archial Resources, Archial Holdings and Sparch Group, the international business with offices in Asia, were not bought by Ingenium and their fate remains hanging in the balance.
The company’s administrators confirmed yesterday all of Archial’s UK staff will be paid their September wages in full. However shareholders in Archial will lose all their money.
A spokesperson said: ‘When we were appointed there were no funds to pay the employees for work until 21 September. The buyer has said it will honour the arrears to the staff that were taken over.’
Approximately 300 of the group’s UK staff have transferred to the new company following the deal.