Kier raises £24m from Australian road business sell-off

Aaron Morby 4 weeks ago
Share

Kier has struck a deal to sell its stake in Australian road assets and management services business KHSA to joint venture partner Downer.

Downer will pay £24m in cash for the stake when the deal completes in early 2019.

KHSA, which was acquired as part of the Mouchel group of companies in 2015 reported £7m profit last year and has total assets of £52m.

Proceeds from the sale will be used to accelerate the reduction of Kier’s net debt.

Kier is aiming to raise up to £50m from non-core business disposals as part of a plan to cut its debt mountain of £375m.

Two months ago Kier has sold its third-party pension management business for £3.5m.

Alongside £20m annual savings from its Future Proofing Kier streamlining programme, the group aims to reduce debt to £250m and be in a net cash position by 2021.

Latest news

Argent gets go-ahead for major Tottenham Hale revamp

Contractor hunt to start soon with construction set to start next summer
10 hours ago

£2bn Elephant & Castle shopping centre scheme final go-ahead

Demolition to start after London mayor nods through vast scheme
14 hours ago

Drylining boss banned for tax dodging

Insolvency Service investigators uncover huge CIS and VAT payment discrepancies
10 hours ago

Modular building specialist goes into administration

Timber accommodation pod maker Carbon Dynamic runs out of cash on major contract
13 hours ago

Structural engineer crushed under scaffold tubes

Housing giant and scaffold contractor fined a total of £180,000
14 hours ago

Consultant MHBC merges with Cumming

City of London based firm now part of global giant
13 hours ago

Crossrail delayed again as costs rise by another £2bn

Mayor attacks previous management team who insisted project was "on time and on budget"
1 day ago

Top housing association hires Lendlease resi chief

Richard Cook will lead Clarion Group's ambitious development plans
1 day ago

UK’s tallest Premier Inn plan in Docklands

Premier Inn books in at 30-storey mixed resi and hotel scheme
13 hours ago

Kier wins £45m Cambridge schools campus phase one

Northstowe education campus includes a new 1,800 pupil secondary
14 hours ago

Ian Lawson to advise McLaren on growth plans

Former Severfield and Kier boss becomes consultant at expanding contractor
1 day ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
7 months ago

Interserve shares collapse as rescue talks continue

Shares slump to all-time low as firm now worth under £13m
2 days ago

Forrest falls into administration

Construction and housing divisions to cease trading while Engie buys refurb and energy contracts
4 days ago

Wates chief draws up first best behaviour code for private firms

Wates Principles to raise corporate governance standards at private firms
2 days ago

Plan for Bristol Finzels Reach £140m phase 2

Former Avon Fire and Rescue HQ to be transformed with 300 homes and offices
2 days ago

Labour calls for public contract bidding ban on Interserve

Shadow minister demands action to protect taxpayers
2 days ago

£750m East of England framework out for rebid

Construction work to be broken into four project value bands
2 days ago

Lakehouse staff let go as subcontractors quit sites

Workers made redundant and suppliers leaving sites just months after sale
5 days ago

Kier scores November contracts league double

£300m London luxury flats project extends Kier's lead at top of annualised league
5 days ago

Green light for £300m Norwich mixed used scheme

Weston Homes to build 1.2m sq ft scheme creating a "Covent Garden" style urban quarter
5 days ago

Former Kier boss joins McCarthy & Stone

Nigel Turner to lead drive to reduce construction costs
5 days ago

Vermont replaces Forrest on £100m Liverpool site

Elliot Group moves quickly to secure new main contractor as existing site team taken on
5 days ago

Bristol contractor goes into administration

Majority of 50-strong workforce at Helm Construction made redundant
5 days ago

Kier drops out of FTSE 250 as share price dives

Shares trade below discounted rights issue price
6 days ago

Betting Spy: No Arnie no problem for West Ham

West Ham and Man City to land 3/1 double
5 days ago

36-hour Hinkley Point concrete pour releases £70m

BYLOR achieves key concrete raft milestone in 2,500 cu m pour
6 days ago

Murphy major projects chief joins Galliford Try

Sean Blackmore to lead expansion in the rail market
6 days ago

Multiplex Europe MD shifts to non-exec role

Ross Ballingall moves on after eight years heading construction business
6 days ago

MPs demand end to late payment and retentions reform

Hard-hitting select committee report demands end to cash "stranglehold" imposed by big firms
6 days ago

Contractor services