Alsop Architects, the firm founded by Will Alsop, has been forced into receivership following a string of failed costly projects.
The company’s directors have had to sell 40% of the business to London-based venture capitalist R Capital following a financial crisis caused by the failed projects.
Projects that did not come to fruition include the Fourth Grace (pictured) on Liverpool’s Pier Head waterfront a millennium complex in Bangkok and an “urban village” in Manchester.
The group said the new structure would better enable it to pursue its long-term objectives for growth in China and North America while continuing to develop its portfolio in the UK.
Will Alsop added: “This support enables us to put the disappointment of the Fourth Grace project behind us and to build on our real successes and achievements in the UK, Canada and the Far East.”
Under the new structure, the new company, Alsop Design, will trade as Alsop & Partners with architects Alsop and Stephen Pimbley and new managing director Colin Gilmore-Merchant.
The group added that no further redundancies were planned following the laying off of 25 architects in the summer and that the current 60 staff members would be retained under the same conditions of employment at the new company.
References: EGi News 29/10/04
