The directors of HLM Design have pushed through a management buyout after the firm's parent company, HLM Design International, went into receivership last week.
The new company will trade as HLM Architects from its existing offices in London, Sheffield, Glasgow and Guildford. The new owners claim to have the 'full support of both the management team and the company's 120 staff '.
The firm's UK office came 49th in this year's AJ100, with 41 qualified architects. This represents a major drop on 2003 when the practice was in 28th place with 54 architects.
The company currently has large-scale PFI work in Stoke Mandeville, Ashford and Peterborough.
The new company's chairman, Christopher Liddle, said the deal was essential for the future of the office. 'The speed at which our MBO has been completed ensures client and staff retention, ' he said.
'Our forward order book is extremely strong and this move represents a clear need to focus on our UK business and the service we provide to our UK clients.
'It will allow us to redefine our business strategy, prioritising design quality with profitability, ' he added.