Hammonds to consult on second lock-in

Hammonds’ management is considering a second lock-in of partners when the current one expires at the end of June.

A paper has been presented to the partnership board, but no conclusions have been reached.

Managing partner Peter Crossley said: “We’re considering a number of options. It’s all about ensuring commitment, and it’s a hearts and minds thing. We’ve got to do what we did with the [first] lock-in and consult with partners. That process is beginning. I wouldn’t rule it out.”

Hammonds’ partnership agreement only requires the consent of 75 per cent of partners to lock in the entire equity partnership, although the 2004 lock-in got consent from all equity partners.

However, Crossley added: “Another lock-in would send a mixed message. It makes it difficult to recruit new blood.”