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Sam Metcalf, assistant editor at Midlands Business Insider, discusses the implications of the recent management buyout at Nottingham-based CPMG Architects as this month's top deal.

"It's the great unspoken in the property industry, but architects have suffered just as much as agents and developers," said Metcalf.

"Good to see, then, that one of the East Midlands most forward-thinking practices is planning for the future after completing an MBO."

Four directors of Nottingham-based CPMG Architects have completed a management buyout (MBO) of the practice.

David Glazebrook, Nick Gregory, Richard Flisher and Sara Harraway have acquired the £3m-turnover business from fellow directors Jack Gant and Bill Crampin who will now retire.

The terms of the deal were not disclosed.

CPMG, which is based on Warser Gate in Nottingham's Lace Market, employs 56 staff members and provides architecture, interior designing, space planning and master planning services for clients across the UK.

Managing director Glazebrook has been with CPMG for 28 years while Flisher has worked there for 20 years.

Harraway joined the practice in 1994 and Gregory was recruited a year later.

The new management team said it would now focus on expanding the business into new sectors including data centres and energy from waste plants.

Glazebrook said: "This is an exciting opportunity for CPMG to continue to build the strength of the business. Over the last 20 years the company has established a strong reputation for design expertise in a significant number of sectors of the industry.

"This broad operating base and the location in Nottingham will enable CPMG to continue to provide the best service for both local and national clients. I strongly believe that this will allow the company to remain competitive and to grow during the current challenging period in the economy."

Rabby Persaud, director with accountants PKF, and Gavin White, partner of Nottingham legal firm Fraser Brown, advised the directors on the MBO.

Hugh Strickland of Geldards provided legal advice to the retiring directors.

CPMG specialises in a number of sectors including education and transport.

It has designed schemes including Campsmount Technology College in Doncaster, the first new school building completed under Michael Gove's new streamlined schools, and an energy-saving office development recently completed in Leicester.

CPMG is also currently designing airport traffic control towers for Birmingham and Manchester Airports.

Metcalf said: "CPMG is one of the East Midlands’ best-kept secrets. This MBO will secure its future and the firm will no doubt now be looking to expand. It’s surprising we haven’t seen more deal activity in this sector – maybe this might kick if off."