The leadership team of British architecture and interior design practice Conran and Partners has finalised a management buyout of the company, which is now owned by its principals.

The company's five principals – Tina Norden, Simon Kincaid, Sebastian Conran, Katy Clarke and Tim Bowder-Ridger – now share ownership of the practice, which was founded more than 40 years ago by designer Terence Conran.

"Conran & Partners is first and foremost a creative business," Norden said.

"We pride ourselves on offering a distinctive boutique service to clients in the UK and internationally, whether we’re delivering architectural design for a new urban neighbourhood or creating unique interiors for a global hospitality brand," she added.

"The new ownership of the practice is an incredibly exciting moment for us to build on a unique legacy and take the business forward with clear purpose."

New owners have been with company for years

Conran and Partners said the four new owners have all had "key roles in the practice for many years and have been instrumental in the growth and development of the business".

They will lead the studio, which has offices in London and Hong Kong, with the support of the Conran and Partners board members.

"The principals will continue to build on the legacy and ethos of Sir Terence Conran to achieve a seamless combination of architecture and interior design through carefully considered and collaborative design that addresses the needs and desires of the users, as well as the wider environment," the company said.

No financial details about the buyout were given.

Studio is known for work on London buildings

Conran and Partners has worked on a number of iconic London buildings, including the brutalist Barbican Estate, where it transformed a youth hostel into high-end apartments. It also converted architect Richard Seifert's Centre Point tower in central London into apartments.

Recently, it designed an open-plan office in London to be its own headquarters.

The practice was founded by Terence Conran, one of British design's most prolific names. In 1964, he launched the Habitat homeware chain, which brought contemporary design to UK high streets, and also helped set up London's Design Museum in 1989.

Sebastian Conran, one of the studio's five principals, is the son of the original founder.

The photography is by Taran Wilkhu.