Ian Simpson directors dig into own pockets
The directors of Ian Simpson Architects have told the AJ of their ‘unflinching confidence in the future of the practice’ after pumping £500,000 into the limited company
Accounts lodged with Companies House this week reveal that Ian Simpson and Rachel Haugh introduced ‘additional funding’ as a loan to the limited company in the 2009-2010 financial year.
Speaking to the AJ, Ian Simpson said: ‘We are ultimately responsible for the practice and we needed to move the cashflow forward.
‘We had been quite solvent – and the practice had money in the bank – but it has been a very difficult last two-and-a-half-years. The next 12 months will be equally difficult, but we only need one or two of our projects to move to the next stage then we would be in the position of not having enough staff.’
Between March 2009 and March 2010 the practice dropped in size from 71 staff to 49, however, it is understood nine people have since joined the Manchester-based outfit.
Although the limited company’s pre-tax profits fell from £222,000 in 2009 to a £35,000 loss, the group actually made an overall profit with the sister vehicle, Ian Simpson Architects (Partnership) LLP, reporting a £380,000 profit.
Simpson said the practice had a number of projects in the pipeline, and was hopeful of further work in the capital.
He said: ‘Some of our larger proposals are now starting to generate fee income such as the Manchester town hall extension and the Antwerp concert hall.
‘It’s tough out there but we have been invited to do a number of competitions in London.
‘It will take a couple of years for the rest of the country to catch up and for new, major developments in Manchester.
‘But London is a different country.’