Allesch-Taylor, an entrepreneur whose investment firm STG has a 29.75% stake in the top 15 QS, also praised MDA's moves to cut losses, including relocating its headquarters and reducing share capital.
He pledged long-term support for the ailing firm, which admitted that its financial position became critical last March. Allesch-Taylor said it was better to get the loss out of the way quickly rather than spinning it out over several years.
He said: "What they have done is entirely proper. If it has to lose money one year to make money the next year then so be it. There comes a point when you have to clear out the garden shed." He singled out chairman Simon Metcalf and non-executive director John Castle for praise. He said: "They have shown a lot of courage. They are both experienced men. John Castle used to run Taylor Woodrow so I am sure he can handle a QS practice." Metcalf and Castle took control of the firm last April with finance director David Best after a boardroom shakeup.
Allesch-Taylor confirmed that STG corporate adviser Edward van Dyk was now on the MDA non-executive board, which he portrayed as another token of STG's good faith. He said: "Our man is on the board, which is a good indication of our relationship." Allesch-Taylor said that the £16.3m turnover was proof that the firm was still generating work and not leaking clients. He said that STG's plans for MDA – to merge or buy a rival then float – were on hold until there was a turnround in the QS' performance.
STG first bought a stake in MDA in May 1999, when it said it wanted to turn the firm into a multidisciplinary practice in the WS Atkins mould.
