FD Solutions helps leading architectural practice in their transformation from Limited Company to Limited Liability Partnership
John Thompson & Partners LLP (“JTP”) was founded in 1995 as an architectural practice specialising in large-scale planning and urban development. With offices in London and Edinburgh, the practice undertakes projects in the UK, the Republic of Ireland, Germany and Russia. The practice has grown significantly over the past couple of years and by early 2007 it was clear that the financial systems required substantial improvement. JTP’s financial management was further complicated by the decision to convert the practice from a limited company to a limited liability partnership on 1st July 2007.
Interim FD started the work
An interim Finance Director, appointed in spring 2007, began an overhaul of JTP’s financial systems and started to steer the firm through the partnership conversion process. Unfortunately the interim contract ran out before a full-time replacement could be found.
FD Solutions called in to continue the work
Marcus Adams, the Managing Partner, was keen to ensure that financial management did not deteriorate while a replacement was recruited. At just three days’ notice, FD Solutions were asked to provide an interim Finance Director to whom the outgoing interim could formally handover. After meeting the managing partner on a Thursday afternoon in October, Nick Price took over from the outgoing interim on the following Monday.
The good work continued
Nick continued to push forward the limited partnership conversion process and ensured that the standards of financial management and management reporting were maintained and even improved. Nick was also able to produce the first draft of the 2008 budget for presentation at the last partners’ meeting before the inception of the new financial year.
Successful handover to full-time FD
After the appointment of a full-time FD, Nick ensured a further smooth and seamless handover of the reins of financial management in mid December.
