Rescue deal from RMJM鈥檚 owners designed to ease cashflow of troubled architect

RMJM鈥檚 owner, the Morrison family, is to inject 拢8m into the global architecture firm to ease its cashflow problems.

The rescue deal comes a week after it emerged 35 of the architect鈥檚 Hong Kong staff had defected to rival Aedas amid claims the company had failed to pay staff there on time.

The package has been split into raising 拢5 million by issuing extra shares plus a 拢3 million loan from the family. The deal is due to be ratified at the end of this month by RMJM鈥檚 shareholder

In a statement, Peter Morrison said his family had pulled together the deal in the last couple of months and it meant the business would now have a 鈥渞obust financial position鈥�. He declined to say where the money was going but it is expected it will be used to pay missing salaries along with key creditors.

Morrison said: 鈥淭he economic downturn has meant a very difficult couple of years for the profession, but I鈥檓 immensely grateful to our teams and our partners worldwide for their patience.鈥�

The firm added that its order book was back to pre-recession levels.

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