好色先生TV

Turner & Townsend partners have been paid a total of 拢18.9m in bonuses following CBRE鈥檚 拢960m deal to take a majority stake in the business 18 months ago. 

The figure also includes a retention bonus 鈥� to prevent an exodus of key staff 鈥� which will not be handed out until October 2024, the company鈥檚 latest accounts reveal. 

CBRE, the world鈥檚 largest real estate services firm, took a 60% stake in the 75-year-old consultant in July 2021, with the purchase rubber-stamped later that year. 

The New York stock exchange-listed company valued T&T at 拢1.6bn when the deal was completed. 

On the day the deal was announced, chief executive Vince Clancy confirmed to 好色先生TV that the 拢960m would be split between the firm鈥檚 106 partners. 

That means that on paper, each partner stood to pick up an average of 拢9m, though some will be paid substantially more than others, with Clancy reported to have been in line for as much as 拢40m. 

The amounts reported in the firm鈥檚 latest accounts only relate to bonus payments with the amounts each partner has been paid for their shares unlikely to be revealed.

>> Also read: All our coverage of CBRE鈥檚 takeover of T&T in one place

The decision to delay a chunk of the pay-out to partners was most likely an attempt to avoid a repeat of the situation seen a decade ago, when several Davis Langdon staff left to set up their own businesses after it was bought by Aecom for 拢200m. 

Rob Smith, the former boss of Davis Langdon who helped to mastermind its sale, said that the T&T deal would nonetheless trigger the setting up of a wave of new firms. 

T&T鈥檚 accounts for the 12 months to April 2022, filed this week, showed revenue rose to 拢844m from 拢727m last year.

Turnover grew in all of the firm鈥檚 seven regions, with the strongest growth in Asia (28%) and Europe (24.6%). Staff numbers were also up 24.7% to 8,481 but pre-tax profit dropped from 拢113 to 拢101m. 

T&T鈥檚 best-paid director earned 拢647,000 in 2022, up significantly from 拢507,000 paid the year before.