Stripped-down Jarvis seeks to get off the train with £100m sale
Sunday 04 May 2008
Jarvis, the quoted rail contractor chaired by former London mayoral candidate Steven Norris, is preparing for a sale this year.
Once valued at over £1bn, Jarvis would fetch about £100m today. Potential bidders include fellow rail contractors Balfour Beatty and First Engineering
The news emerges just days ahead of the sixth anniversary of the Potters Bar derailment, which killed seven people. Jarvis maintained that stretch of track and although it was never found guilty of any wrongdoing, its fortunes dived for the next four years.
Jarvis is "cleaning up" the business, selling 21 private finance initiative contracts for up to £9m by the end of the summer. It has sold numerous divisions as part of a restructuring since 2005.
No information memorandum will be prepared, though Jarvis will be "proactive" in courting buyers, said a source. Mr Norris is happy to keep running the business if no offers transpire, but has assured investors he is looking at strategic options.
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