Opening revealed in Heatherwick Studio鈥檚 latest accounts
Heatherwick Studio has opened a new office in China to capitalise on growing workloads in the region which last year accounted for more than half of its annual income.
The firm鈥檚 2022 accounts filed at Companies House said the practice of founder Thomas Heatherwick has taken out a lease on space within its mixed-use 1,000 Trees scheme in Shanghai.
The accounts show that turnover from Asia hit 拢13.5m in the year to March 2022 鈥� a rise of 52% on last time 鈥� which accounted for 55% of the firm鈥檚 total 拢24m revenue, which was up from the 拢21m it posted in 2021. Pre-tax profit jumped 14% to 拢3.2m.
Heatherwick, which is also opening a new studio in King鈥檚 Cross, said that it was bracing itself for a 鈥渄oubtful debt鈥� provision for 鈥渁mounts outstanding鈥� on a scheme in Russia after pulling out of working in the country following its invasion of Ukraine in February this year.
The firm, which designed a tree sculpture that stood outside Buckingham Palace as part of this summer鈥檚 Queen鈥檚 Platinum Jubilee celebrations, said that work from the UK fell 22% to 拢3.8m.
The accounts show that during the year the practice was handed an 拢18m bank loan by Barclays which it said was repayable over 15 years. Interest it said was 1.85% over the Bank of England鈥檚 base rate which stood at 1.75% in August - a rise of 0.5% on the previous monthly figure.
Heatherwick Studio was also handed a 拢1m loan by sole director Thomas Heatherwick in May while Heatherwick himself was given a 拢370,000 dividend last year 鈥� down from the 拢1.4m he picked up the previous year.
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