PLP to compensate rival architect for business taken when directors broke away
PLP Architecture is set to pay out 拢2.1m to rival architect Kohn Pedersen Fox Associates, the former firm of its partners.
In accounts filed at Companies House the firm revealed that it would pay 拢2.1m in compensation to Kohn Pedersen Fox Associates (KPF) for business which the partners took with them when they set up PLP.
The agreement in principle to compensate KPF was signed around the time the firm was set-up in September 2009 and ran until March 2012. The final settlement for 拢2.1m was then agreed in July this year.
According to its accounts PLP has already paid KPF 拢50,964 of the 拢2.1m in previous years.
The compensation agreement also cost PLP 拢744,012 in 鈥減rofessional costs鈥� such as legal fees during set-up.
In the accounts the firm reported a pre-tax profit of 拢1.4m on a turnover of 拢12.6m for the year December 31 2011. In the five months to the end of December 2010 the firm reported a profit of 拢103,956 on turnover of 拢4.9m.
The firm also saw staff numbers grow from an average of 61 in 2010 to 90 during 2011.
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