Ferrovial looks to sell Amey

Aaron Morby 6 years ago
Share

Spanish contracting giant Ferrovial is putting its global support services division, which includes Amey, up for sale.

A statement from the firm said:  “The company has entrusted an external consultant to explore the potential divestment of all or part of the assets of the services division of which Ferrovial owns directly or indirectly.”

Goldman Sachs is to gauge interest in the sale of the division, which also includes road operations in North America.

Amey crashed to a £190m loss in 2017 after writing off £208m on its highways contract with Birmingham City Council following a long-running payment dispute over quality of works.

The firm was also hit with a £48m hit on the M8 improvement project in Scotland.

This forced Ferrovial to step in to support Amey’s balance sheet with a £200m parent company loan.

Last year’s loss came on top of reported losses of £44m in 2016.

Amey is one of a trio of support services contractors being monitored by the Cabinet Office following the collapse of Carillion.

Latest news

Keltbray fine increased to £18m after failed bid rigging appeal

Contractor loses penalty discount for settling with competition authorities
1 day ago

Luxury house builder goes under with 70 job losses

Octagon Developments in administration after 40 years in business
2 days ago

Top Ten best read stories of 2024

The biggest headlines of an eventful year. Have a good one and here's to a successful 2025
2 days ago

BAM Nuttall fined £800,000 after concrete skip tragedy

Young labourer killed by falling bale arm
3 days ago

Keltbray infrastructure business reveals new name

AUREOS means "new dawn" after private equity acquisition
2 days ago

Stiffer fines for over-running street works from next Summer

Cash raised from lane rentals to be channeled into pothole repairs
2 days ago

£113m Basildon rental homes scheme seals build finance

Work expected to start early next year on Market Square project
2 days ago

Notting Hill Genesis seeks more tier 1 repairs contractors

London housing trust seeks eight firms for new £1.5bn repairs framework
2 days ago

Reclaimed steel oil rig columns worked into London office revamp

Curo will use reclaimed bricks and steel for Fitzrovia office overhaul
3 days ago

CITB delays levy approval consultation

Levy agreement talks pushed back by ongoing review into effectiveness of training body
3 days ago

Ofwat approves £104bn water industry spending plan

Household water bills to rise by 36% to fund quadrupling of investment
3 days ago

Costain/ Siemens JV clinches HS2 power supply job

£300m deal for HV power supply systems over the 225km route
3 days ago

Demolition team assembles on Multiplex London Wall site

Erith to start work next month at Deutsche Bank's former headquarters
4 days ago

Norwich Council acts to revive £300m Anglia Square scheme

Council uses Homes England funding to buy stalled site with planning for 1,100 homes
3 days ago

Go-ahead for 4,500-home Cambridgeshire new town

Waterbeach new town plan stalled three years ago after an Environment Agency objection
3 days ago

Henry Boot to take total control of Stonebridge Homes

Deal worth at least £30m
3 days ago

HS2 costs could hit £66bn

Government looking for next estimate to be lower
4 days ago

Mace to close construction logistics arm

Specialist business being wound down
4 days ago

National Grid to invest £35bn over next five years

Plan set out for record investment in electricity transmission infrastructure
4 days ago

Profits double at Barhale

Civils specialist sees order book top £1bn
4 days ago

Balfour wins 68km HV underground power cable deal

Main works to start next year on Eastern Green Link 2 job
4 days ago

Stunning site wrap unveiled on Sloane Street

Hoarding creates illusion of fully formed façade on £53m Galliford Try job
4 days ago

Heathrow Airport upgrade spend takes off again

Airport operator will spend £2.3bn over the next two years
4 days ago

Government buys back over 36,000 military homes

Public ownership deal to release wave of upgrade and new build work
5 days ago

Story Contracting staff braced for rail job losses

Work coming through slower than expected from Network Rail
5 days ago

Ballymore submits two plans for 3,700 East London homes

Construction could start in 2025 on Thames Road and Knights Road schemes
5 days ago

Blackpool council steps in on failed developer’s £300m scheme

Blackpool Central site clearance to start in the New Year as hunt starts for new developer
6 days ago

Brookfield submits retro-first London office plan

Milton Gate plan for Square Mile will hike space by nearly 50%
5 days ago

Bowmer + Kirkland gets start date for £100m Siemens site

Construction to begin early next year on Chippenham scheme
6 days ago

Torsion sells under-construction Leeds BTR scheme

Concrete frame due to start soon on 300-apartment complex
6 days ago

Contractor services