Garden Bridge designer in line for £2.6m dividend
THOMAS HEATHERWICK, the man behind London 2012’s Olympic cauldron and the capital’s controversial new Routemaster buses, is set to receive a payout of at least £2.6m despite falling profits at his design company.
Turnover at Heatherwick Studio, which also designed London’s nowcancelled Garden Bridge, was broadly flat in the year to March 2017 at £27.5m.
But pre-tax profits fell around 9.5pc to £9.5m as the company hired 21 new employees, taking its total headcount to 201 and adding around £1.8m to its wage bill.
The company paid £3.5m in dividends for the year. Companies House records show Mr Heatherwick owns 75pc or more of the company’s shares, meaning he is in line for at least £2.6m.
Heatherwick Studio’s UK turnover soared 40pc in the year to £6.2m, but that was offset by a 14pc drop in Asia and a 7.6pc decline in the rest of the world. A spokesman for Heatherwick Studio declined to comment.
The long-awaited Garden Bridge project was cancelled last year after fierce criticism of its tendering process, leaving taxpayers with a £46m bill. Mr Heatherwick, who is known for his eye-catching designs, trained at Manchester Polytechnic and the Royal College of Art, where he was mentored by Sir Terence Conran.
He started the business, previously called Thomas Heatherwick Studio, in 1994. His other notable works include the Bombay Sapphire distillery in Hampshire, the Rolling Bridge in London’s Paddington and the furry UK pavilion for the Shanghai World Expo in 2010. Last month one of the company’s latest designs, Vessel, which has been dubbed New York’s answer to the Eiffel Tower, reached its pinnacle.
The structure is the centrepiece of a $20bn (£14.7bn) redevelopment of the city’s Hudson Yards – an industrial area in the west of Manhattan, encircled by the High Line walkway.
In 2012 Mr Heatherwick told The
Daily Telegraph: “Finding a design solution is like solving a crime. We’re a bit like an investigative team. We analyse. We explore lines of inquiry. Then we eliminate things until we’re left with the solution.”
The London 2012 cauldron is among the designs created by Thomas Heatherwick