Cash flow problems at RMJM have again caused the company to pay staff late, with some salaries in the US almost a month overdue the AJ understands
The UK workforce of the global giant, ranked 11th in this year’s AJ100 league table of the country’s largest practices, has also suffered delays in payment.
Earlier in the year, salaries at the company’s Hong Kong studio were repeatedly paid late, even after RMJM owner Fraser Morrison and his son Peter, RMJM’s current chief executive (pictured), injected £8 million into the company (AJ 06.04.11).
Regrettably, there were short delays in salary payments for October
A spokesman for RMJM said: ‘The market is very tough indeed both for ourselves and our clients and there are no signs whatsoever of the market improving.
‘Our resilience and the robust nature of our financial position is underlined by the fact that any delays have been minimal and always the result of a very short delay in receiving agreed client payments.’
He added: ‘Where local studios around the world have not collected their cash on time we provide support from another part of the group. This is one of the key strengths of our global operation, but that process can, on occasion, take time.
‘Regrettably, there were short delays in salary payments for October in some of our studios where local client receipts were delayed but I can confirm that US and UK salaries for October are now paid.’