The Department Store in Brixton, where Squire & Partners is based Squire & Partners has reported an 83 per cent fall in profits, with turnover dropping 9.3 per cent  and staff numbers also down The Brixton-based practice earned £9 million in the eight months to 31 March 2024, compared with £14.8 million for the 12 month period ending 31 July 2023. This represents a 9.3 per cent drop on a like-for-like basis.  Squire & Partners turnover in the UK for the eight-month period saw a 25.7 per cent like-for-like reduction, dropping from £13.7 million to £6.8 million in its 2023-4 period. However its international fees increased by 125 per cent like-for-like, from £1.1 million to £1.7 million.  The practice’s profit fell from £694,000 to £83,259, an 83 per cent drop on a like-for-like basis, while its average number of staff dropped from 87 to 80.Advertisement Squire & Partners booked a deferred income of £6.4 milliion, up from £5.5 million a year earlier, relating to contracts novated to it in 2018 from its previous corporate entity. Senior partner Henry Squire told the AJ that the eight months were ‘actually a good period for the practice’, adding that ‘the drop in turnover does not account for deferred income’. He added that, if allowing for deferred income, ‘then the drop in income is much less’. Deferred income is a type of liability: payment that has been received but for which the services have not yet been delivered and has not yet been reported as income/revenue. Squire continued: ‘There are obviously difficulties in the London market at the moment for reasons that have been widely published and discussed, but we are well placed to grow the business abroad and in other sectors whilst also retaining a strong London focus and base. ‘We have managed to source a significant amount of work both in the Middle East and in the Bahamas, reflecting the changes in the market and our ability to win work in many different parts of the world.’Advertisement He added: ‘Other income (for example interiors) is booked through a different company (Department Store Brixton Ltd) and therefore is not reflected in the LLP turnover. Interiors grew significantly in that period, reflecting the change in the way clients are commissioning work, particularly office interiors.’ Department Store Brixton, which is named after the building where Squire & Partners is based, reported a £7.3 million turnover for the eight-month period ended 31 March 2024. During this time, it charged Squire & Partners £4.6 million.  Department Store Brixton says it ‘provides services and facilities out of the Department Store building, including serviced office space, extended co-working space, screening room and restaurant, a members’ club on the fourth floor, and other services departments’.  Squire & Partners' latest financial update comes after the practice undertook a ‘radical restructure’ following the death of its founder, Michael Squire, in May 2023 – creating 10 partners, with three senior partners.  Amid the changes, the group is understood to have made around a dozen members of staff redundant.  2025-04-09 Will Ing comment and share