Argent today announced that it will be restructuring as a limited liability partnership.
The partners of Argent Services LLP (ASLLP) will be the six current executive directors of Argent Group plus four further Argent senior project directors.
Argent’s chairman, Peter Hazell and the three other current non-executive directors of Argent Group are to continue in similar roles in ASLLP.
David Partridge, former joint chief executive of Argent Group and now the managing partner of ASLLP, said the restructure reflected the present ethos of the company.
He said the second reason for the change was that the company has grown significantly in recent years and the LLP structure allows for the next generation of Argent employees to take a stake in the business.
He added: “I have decided to step back from the day-to-day management of the company and from being the ‘point man’ for public affairs at King’s Cross.
“I intend to refocus on delivering the initial phase of our place-making retail strategy and on working with the expanding delivery team on the £1bn of construction planned for King’s Cross over the next few years.”
Hazell said the third reason for the creation of an LLP was to allow for a more flexible model for funding new development opportunities.
He said: “We will continue to work closely with Hermes, with whom we have had a long and successful relationship.
“The move to an LLP creates the opportunity for us to introduce other potential investors and partners to development opportunities that our experienced team would like to take on.”
nick.whitten@estatesgazette.com
