Shareholders dig deep to rescue RMJM

The major shareholders of a troubled Edinburgh-based international architecture firm are to fund an £8 million cash injection to stabilise its financial position.

RMJM chief executive Peter Morrison, whose father Sir Fraser Morrison is the controlling shareholder in the Bells Brae-headquartered firm, has told staff and shareholders about the refinancing plans.

But there remain fears that the money - 5m of which will be injected through a share issue and 3m from a loan - will not be enough to pay off the debts of the company.

Mr Morrison said: "The economic downturn has meant a very difficult couple of years for the profession but I'm immensely grateful to our teams and our partners worldwide for the patience and the exceptional quality of work they have continued to produce. . . We are seeing definite signs of recovery."