Morrisons plough in £8m to rescue RMJM
Architecture firm RMJM is getting an £8m injection from the private wealth of its owners, the Morrison family.
Sir Fraser Morrison bought RMJM in 2003 after selling his Morrison Construction business to Anglian Water. Sir Fraser is RMJM’s chairman and his son Peter Morrison is chief executive.
The Morrisons are putting £5m into RMJM through a share issue and making a loan of £3m to prop up the business during difficulties with cash flow and a downturn in business.
The firm, which designed the Scottish Parliament building, has been hit in recent months by the departure of 80 staff from its Hong Kong office, as well as senior personnel from its US operations, amid reports of unrest over late payment of salaries.
In January the Scotsman newspaper reported that former RBS chief executive Sir Fred Goodwin had left his role as a consultant to the firm after less than a year.
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This article was published on 16/03/2011 (last updated on 16/03/2011).