Architect says stagnating economies and planning delays forced it to cut headcount

Make ITV 1

Make is behind this scheme in central London, to redevelop the former ITV Studios on the South Bank. Now called Vista at 72 Upper Ground, the job was held up by legal challenges but finally had its official ground-breaking last week

Make said it was forced to cut a quarter of its staff last year as the firm said stagnating economies and planning delays kept the architect in the red for the second successive year.

The practice behind the scheme to redevelop the former ITV Studios headquarters on London’s South Bank, which had an official ground-breaking last week after being mired in three years of legal challenges, said in its latest report and accounts that it cut 25% of staff to bring numbers down to 124 from 165 last time.

In a note accompanying the accounts, the firm said: “With global economic conditions remaining unfavourable and several projects held up in planning, Make took the strategic decision early in the year to implement a company-wide cost-cutting initiative, which included workforce restructuring.

“The impact of inflationary pressure and slower-than-expected recovery in key markets compelled Make to take the difficult decision of implementing a redundancy programme throughout 2024. This was necessary to ensure long-term financial stability and align operating costs with the reduced revenue outlook.”

Revenue was down 16% to £15.8m while pre-tax losses narrowed from £1.5m to £1.2m. The firm said the redundancies reduced its payroll bill by 10% to £11.5m while cash at the bank and in hand fell from £5.1m to £3.2m.

However, Make said there were some signs of improvement in the wider industry. “The high cost of construction and subsequent effect on demand for new projects has dented the revenue, but the gradual reduction in inflation has eased cost pressure in 2025.”

The firm, which has recently designed new towers at 22 Ropemaker and One Leadenhall in the Square Mile, as well as Gleeds’ new office in the West End, said turnover at its biggest region, the UK, fell 20% to £11m, while income from Europe fell to just £38,000 from £52,500.

Business in Asia was down 5% to £2.6m but work in Australia tumbled two thirds to £608,000. Work from the rest of the world, though, jumped to £1.5m form £134,000 last time.

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