Bids to buy Amey due in this week

Aaron Morby 3 years ago
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Spanish infrastructure group Ferrovial has told prospective bidders for its loss-making Amey business to submit first offers by the end of this week.

The Ferrovial-owned UK contractor reported a £98m pre-tax loss last year as it battled with loss-making contracts in highways and waste treatment.

To support the business, parent Ferrovial agreed to inject further investment converting £112m in debt into equity while it hoisted the for sale sign over the £2.1bn turnover business for the second time.

According to Sky News, Morgan Stanley is acting for Ferrovial on the fresh attempt to sell operations.

Ferrovial first put Amey up for sale two years ago, when the struggling business was still trying to clear the decks of its loss-making Birmingham highways PFI and combat losses at the waste and utility division.

After failing to find a buyer it paused to restructure the business appointing chief executive Amanda Fisher to turn around the operations.

Since the waste collection business was sold to Urbaser and Amey Utilities is in the process of being sold.

Amey’s remaining business have been reorganised into three core divisions – transport infrastructure; secure infrastructure and consulting services.

But transport infrastructure still struggled to return to the black last year.

 

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