Manchester-based architecture and design practice AEW has completed a management buyout led by managing director Steve Burne.
The company, now in its nineteenth year, has completed a two year business restructuring programme, in which chairman and founder, Chris Wewer, has handed over full responsibility to Burne, who was promoted to managing director last year. AEW said Wewer will assume the role of consultant to the practice.
Burne carried out the purchase of the company's share capital with a further two directors, Nigel Machin and Andy Critchlow, currently in the process to buy in to the sharehold. The management buyout did not involve any bank funding.
Since the management restructuring programme began two years ago, AEW has won projects including work with energy from waste firm Covanta, Ronald McDonald House Charities parents accommodation at children's hospitals and Southend Museum, as well as continuing with rolling out numerous projects for its major clients, McDonald's Restaurants and Derwent Holdings.
Burne said: "We are indeed taking on a practice in excellent and robust health with exciting and solid prospects in a market that has otherwise suffered severely in the last couple of years. We have been able to sustain our loyal client relationships built over the last 18 years and we look forward to building on the firm's achievements to date. We are already in a strong enough position to recruit as we increase our projects, particularly in the energy from waste sector and we look forward to announcing news on our progression and projects in 2011."
AEW Architects was established in 1992 and has grown to a 56-strong practice of architects, technicians and project managers.