The Work Foundation will continue to operate as a distinctive entity, remaining at its Westminster headquarters under the ownership of the university.
The deal keeps intact the brand and work programmes of The Work Foundation and secures the employment of its 43 staff, including its executive vice chair Will Hutton.
Both organisations see substantial synergy in their activities, and anticipate being able to have increased influence on the change agenda, devoting expertise to research and best practice in areas crucial to the UK’s recovery and ability to thrive.
Managing director of The Work Foundation Stephen Bevan welcomed the acquisition. He said: "There are many areas where our work and that of the university are very complementary. Our existing programmes of research on the world of work are strong and influential. But being able to work in partnership with eminent experts in a number of disciplines and having access to new networks both in the UK and overseas will further strengthen our impact."
He added: "This alliance will help us consolidate our reputation for excellence in our analysis of labour market and employment trends and our ability to advise policy makers and organisations on how to meet the challenges of the future."
Sue Cox, dean of Lancaster University Management School (LUMS), said: "This development cements a long-standing relationship between LUMS and The Work Foundation. There are obvious synergies, for example, in the areas of HR, innovation, labour economics and organisational health and wellbeing – and we are very excited about combining our respective strengths."
The acquisition followed a winding-up petition filed in the High Court, citing a pension deficit. This deal gives Lancaster University certain assets and the entire ongoing business of The Work Foundation. The acquisition also minimises losses to creditors, including the pension fund members, and secures the continuation of a 92-year legacy of campaigning and authoritative research on the world of work.
