Kier sells stakes in two PFI projects
Construction and engineering giant Kier has sold its interests in two private finance initiative (PFI) projects, Bournemouth Library and Greenwich Neighbourhood Resource Centres.
Construction and engineering giant Kier has sold its interests in two private finance initiative (PFI) projects, Bournemouth Library and Greenwich Neighbourhood Resource Centres.
Kier announced on Thursday morning that it had completed the sale of its 50% stake in the two projects for a total £5.4m in cash.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Both of these projects are good examples of Kier providing a comprehensive and fully-integrated service to clients, with both our construction and facilities management businesses working well together," said Kier's Chief Executive Paul Sheffield.
"The sales continue our strategy of selectively realising the value of our PFI portfolio for subsequent re-investment in the group."
The sale price of both projects represents an average valuation discount rate on the base case cash flows of around 7%.
-
Taxpayers urged to fight automated HMRC penalties as 20,000 win on appealHMRC loses more than 60% of cases when taxpayers appeal an automated penalty it has imposed, new figures show.
-
More than five million taxpayers overpay with wrong tax codes – how to check yours is rightHMRC overcharged taxpayers £3.5 billion in income tax the latest data shows, with tax coding errors largely to blame. Accountants say it is “essential” people check their tax codes to avoid being hit with higher bills.
