Revealed: the millions paid by PLP after KPF breakaway
London-based PLP paid more than £2 million this summer to Kohn Pederson Fox (KPF) for contracts it took with it when it controversially broke away from the US giant in 2009.
After a failed management buyout of KPF’s London office in summer 2009, five senior members of the global giant left to form new practice PLP, taking a handful of projects with them at the request of clients (AJ 12.11.2009).
PLP’s latest accounts reveal the London company reached a settlement in July 2012 to pay compensation of £2.1 million for the work transferred from KPF.
This appears to be in addition to almost £750,000 spent by PLP on the ‘professional costs’ of reaching an agreement in 2009.
The figures, for the 12 months to 31 December 2011, show a turnover of £12.6 million and a pre-tax profit on ordinary activities of £1.4m
More than two-thirds of its work came from the UK in 2011, compared with less than a third in the final five months of 2010.
The company is owned by the five directors who formed it – Lee Polisano David Leventhal, Karen Cook, Fred Pilbrow and Ron Bakker.
The highest paid director received £175,681 in 2011 – up from £72,917 the year before.