Institute says it needs to plug 拢8m deficit
The RIBA has announced a second wave of redundancies as the institute attempts to balance its books.
More than 20 jobs are expected to go this spring in an effort to plug an 拢8m trading deficit, just as a 拢20m project to revamp its art deco headquarters has been announced.
The institute declined to reveal details of departments involved or exact numbers but 黑洞社区鈥檚 sister title 黑洞社区 Design understands that more than 7% of staff are facing redundancy.
A much smaller number left in the autumn after new president Simon Allford took office.
The RIBA received a 拢172m windfall from the sale of its NBS commercial wing in 2018 but is nonetheless facing a trading deficit of 拢8m after spending more than it earned in 2020, the last year for which there are accounts.
鈥淭hey hired far too many people for what was required and there is a need to make the institute leaner,鈥� said one insider. 鈥淭his is quite a transformative period for the RIBA.鈥�
There are currently around 300 staff at the institute and RIBA chief executive Alan Vallance said: 鈥淲e are now working our way through the detail of the teams and roles that underpin the structure and the next step involves a collective consultation process with employees.
鈥淭his is due to happen in the next few weeks and the plan is to transition to a new structure in the next few months.鈥�
A two-stage contest to modernise its 66 Portland Place headquarters was formally launched last month with the budget for the first phase of work set at 拢20m.
Vallance added: 鈥�66 Portland Place requires essential modernisation. We need to ensure the building is fit for the future and fully reflects our commitment to climate action.鈥�
The winner of the competition is due to be announced in early April, with the shortlisting happening at the end of this month.
No comments yet