Section 172 Statement
The Section 172 Statement for the year ended 31 December 2025 is below:
This report sets out how the directors have met the requirements of S172 of the Companies Act 2006 and this report below serves as the Company’s Section 172 statement. As set out in section 172(1) (a) to (f) of the Companies Act 2006 the directors have a duty to promote the success of the Company and section 172 states:
1) A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) the likely consequences of any decision in the long term;
b) the interests of the Company’s employees;
c) the need to foster the Company’s business relationships with suppliers, customers and others;
d) the impact of the Company’s operations on the community and the environment;
e) the desirability of the Company maintaining a reputation for high standards of business conduct; and
f) the need to act fairly as between members of the Company.
Corporate governance
The Board of the Company has determined that it will follow the principles of the Wates Corporate Governance Principles for Large Private Companies (the Wates Principles) going forward, although it is not a requirement for the Company to specify which corporate governance arrangements it follows as set out in The Companies (Miscellaneous Reporting) Regulations 2018 (the Regulations) as the Company has not met the threshold requirements to comply with the Regulations. The Board undertakes its corporate governance responsibilities through regular Board meetings and via the separate Audit & Risk Assurance Committee, Rem Co and Nominations Committee.
No shareholder owns more than 6% of the issued share capital of the Company and therefore there is no controlling party. However, under the provisions of the new Articles of Association, the Family Non-Executive Directors have certain veto rights if they unanimously vote against the specified matters as set out in the new Articles of Association of the Company.
Shareholders
The Executive Directors of Landmark work very closely with other members of the Board to develop the strategy of the Company which is to be a leading professional workspace provider in the UK. The Directors operate in line with the current corporate governance arrangements which the Board have adopted and agreed with shareholders under a scheme of delegated authority. The Chief Executive Officer and Chief Financial Officer submit and present a monthly operating report to the Board highlighting both financial and non financial matters which ensures an open and transparent dialogue.
People
We recognise the critical role our people play in the success of our group of businesses. We rely upon them every day to deliver exceptional customer experiences. At Landmark, we believe ‘Every Working Day Matters’, and our objective is to ensure our people experience this in the same way that we believe our customers should. The health and safety of not only our own team members but also of our clients’ employees is paramount. As a result, appropriate training, monitoring and recording processes are overseen by the directors. This prioritisation of health and safety is reflected in the Group’s procurement processes.
To ensure that we are developing our people and creating talent pipelines for the future we deliver comprehensive learning and development interventions. Throughout 2025 we delivered over 4,475 hours of facilitated training across the organisation and 92% of our employees benefited from these learning and development initiatives. We rolled out a People Manager programme which supported our strive to deliver exceptional Client Experience, through more effective leadership of our employees. The success of this led to a 9% increase in line managers conducting performance reviews in addition to improved agility in redeployment of talent across the business. To ensure that we are continuing with a robust hiring process for our CEA joiners, we trained a group of 20 hiring managers with specific skills to support the business to only offer roles to potential employees that are of a Landmark quality standard based on objective scoring metrics and interview questions.
The wellbeing of our people is important. Our colleague assistance program provides a 24/7 helpline available to all colleagues and their families, providing support and advice for personal issues, helping to identify and resolve personal concerns that may affect job performance. The service is entirely confidential and helps us to retain a happier, healthier workforce. Our flexible benefits platform allows colleagues to choose benefits that suit them, as well as access discounts on gym membership, free online workouts, or healthy eating programmes to support their wellbeing.
As part of our overall approach, we engage with our people in many ways to understand their views and encourage participation. The engagement process begins with our new Audition Day when we recruit employees into the business. We support colleague development through comprehensive inductions, on the job training, e-learning modules, mid and full year annual performance reviews and colleague surveys along the way. This combined with regular communication through the company intranet allows for the cascade of messaging and update on business performance.
We opted in 2025 to realign our ‘Great Places to Work’ certification to a different accreditation period. We accredited as Great Place to Work in May 2025 in which our employees reported strong scores in areas such as ‘Justice’ (89%) and ‘Camaraderie’ (78%). Our people share in the success of the business through multiple remuneration-based rewards schemes, across the organisation we offer a range of these subject to the area of activity they include; an annual profit-based bonus scheme, new business sales commissions, commission on renewals and additional meeting room bonuses. All our employees have access to one or more of these schemes with certain roles being eligible to all of them based on performance.
In 2025 we continued with our commitment to ensure that all our people are paid the ‘Real Living Wage’. This had been the case for our London-based employees for a couple of years, but we extended the scope of our programme to include all our colleagues across the UK in 2024. Landmark is committed to creating a diverse and inclusive workforce, representative of society and our client base. According to the Great Places to work survey over 94% of our people believe they are treated fairly, irrespective of their race, ethnicity, or sexual orientation.
To ensure transparency and employee confidence in raising challenging issues Landmark also offers an externally hosted whistleblowing solution. Found in the companies Whistleblowing policy and hosted by an external 3rd party, individuals are provided with the details of a service which they can contact either via email or telephone anonymously to raise any concerns they feel they are unable to address directly.
Customers
We serve a range of clients, from fast-growing companies to established SMEs and start-ups. Because we represent our clients’ businesses, our standards of service must be exceptional at all touchpoints. We have conducted detailed, qualitative NPS surveys with our clients for the past 3 years and our 2025 survey results saw our NPS further increase from +61 to +63. This maintains and improves upon Landmark’s market leading score and continues to be considered in the ‘excellent’ category for any service business.
Landlords
We operate from 35 centres and have relationships with over 33 landlords and look to foster a positive, proactive and collaborative working relationship to ensure that they are fully aware of our strategy and the development of our business. Our dealings are both direct and through managing agents where we meet as appropriate to discuss any relevant issues under the terms of the leases. Under the terms of our leases, we are required to pay service charges which represent a significant cost to the Group. The Group has no direct contractual relationship with the various suppliers of the services covered by service charges. An external service charge consultant acts on behalf of Landmark in auditing the services provided to ensure the landlord only re-coups applicable costs and that the services charged for represent value for money.
Suppliers
We actively engage with our suppliers and have open conversations about how they can help us develop. We believe in the value of true collaboration within the supply chain and feel it is vital for success. As each of our clients use part of our supply chain, whether it be the IT infrastructure or the coffee machines we deploy at our centres, the relationship with our suppliers is key to our ability to provide excellent services to our clients. This is particularly relevant when working with design teams and fit out contractors to ensure the working environments we create meet the needs of our clients. We therefore require a high performing, sustainable supply chain that operates to a consistent set of operating standards. We require our suppliers to adhere to our Core Values and follow our various policies including Health and Safety, Modern Slavery and Anti Bribery. This process builds on the strong preferred supplier contractual arrangements we have built up over many years which fosters an effective relationship. We recognise the importance of payment terms with our suppliers and agree sustainable terms at the commencement of the trading relationship. Regular tendering takes place to ensure that suppliers are providing services at a cost in line with the market environment i.e. value for money is being achieved for the service supplied.
Regulator
Our business is subject to the Money Laundering Regulations and the Group is supervised by HM Revenue and Customs (“HMRC”) under registration number 12808232. The Group pro-actively undertakes training of colleagues in understanding their responsibilities under the Money Laundering Regulations and ensures that the system and processes are in place to ensure compliance.
The Community and the Environment
The Group actively promotes volunteering in the communities within which the business operates. All colleagues are entitled to two paid volunteer days per annum. These activities range from volunteering at homeless shelters to running marathons and undertaking team building events with charitable organisations across the UK.
Landmark continue to support our chosen charity the Campaign Against Living Miserably (CALM), a suicide prevention, mental health organisation. The partnership focuses on raising funds and awareness amongst Landmark colleagues and clients to improve mental health and wellbeing to reduce suicide rates in the UK.
In 2025, Landmark made cash donations to the value of £2k. Alongside these cash donations we also made non-cash donations such as the free use of space in our buildings to host their annual ‘Thank you’ event.