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Business News

Kier on brink of housebuilding arm sale to financier Hands

today06/04/2021

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The construction company Kier Group is on the verge of finalising the long-awaited sale of its housebuilding arm to Guy Hands, the prominent financier.

Sky News understands that Kier could announce the disposal of Kier Living to Mr Hands’ Terra Firma Capital Partners as soon as this week.

If confirmed, it would bring an end to many months of talks between the two sides, and pave the way for Kier to complete a recapitalisation of its balance sheet.

Guy Hands
Image: Guy Hands

A share sale to raise a sum close to its current market capitalisation of £145m is likely to be unveiled in the coming weeks.

Kier’s financial results, which are expected to be published this month, will come after a difficult period for the company.

The sale of Kier Living to Terra Firma is likely to be worth between £110m and £120m, according to analysts.

Kier is one of the government’s biggest private sector contractors, working on major infrastructure projects such as Crossrail and the new high-speed rail link HS2.

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Last year, Kier appointed Andrew Davies, an experienced industry figure who had been due to take up the top job at Carillion shortly after it collapsed in January 2018, as its new chief executive.

Kier said last September that it was examining a further equity-raise alongside the auction of its housebuilding arm.

Kier and Terra Firma declined to comment.

 Sky News

© Sky News 2021

Written by: Rother Radio News


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today06/04/2021


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