AJ100 big-hitter AHMM has taken advantage of tax rules created in 2014 to become an employee ownership trust (EOT)
The move means that employees are now majority owners of the nation’s fourth largest architectural practice and will have a say in the running of the company.
The news comes as AHMM announced that its pre-tax profits leapt to £3.9 million in the year to March, up 71 per cent on the previous year.
Turnover increased by 16 per cent to £34.2 million, while the head count rose by 30 to 336 members of staff.
The practice is the latest in the sector to make the move to employee ownership; others include Make Architects, Stride Treglown, ADP Architects, BPR Architects and Formation Architects.
AHMM managing director Peter Morris said: ‘For the four founders, the move to employee ownership is the natural next step in the practice’s development.
‘While there are no plans to change AHMM’s leadership in the immediate future, employee ownership enables us to plan for the long term, ensuring the spirit and ambition of the practice is sustained while allowing future leadership to emerge over time.’
The move means that a trust now holds shares in the company for the benefit of all staff, and brings tax efficiencies.
Graeme Nuttall, former independent adviser to the UK government on employee ownership, has agreed to act as the independent Chairman of AHMM’s Board of Trustees.
Notable projects completed during the year include White Collar Factory on Old Street roundabout for Derwent London, and the competition-winning New Scotland Yard for the Metropolitan Police on the Thames Embankment, which won this year’s Prime Minister’s Better Public Building Award.