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Kier sees £5.4m from PFI sales Construction and engineering group Kier has sold its interests in two private finance initiative (PFI) projects, Bournemouth Library and Greenwich Neighbourhood Resource Centres. But Kier will continue to provide FM to the projects in which its interest was 50 per cent. Kier constructed both the library and the care homes and has also provided the facilities management services for both projects, which it will continue to do for a further 20 years at Bournemouth and 22 years at Greenwich. In August, Kier sold its investment in the Bournemouth
BUSINESS BRIEFS BAM man to lead on BIM
Bournemouth Library, built by Kier
Library to Equitix. This month Kier completed the sale of its investment in the Greenwich Neighbourhood Resource Centres project to its co-investor, Sanctuary Housing Association. The combined sale was £5.4 million, the details of which will be disclosed in Kier’s financial statements as at, and for the year ending, 30 June 2013. “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 Group
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.” Kier’s PFI sales come after Skanska’s announcement in the last edition of FM World that it sold its stake in three hospitals for nearly £66 million. Co-investor Innisfree, an infrastructure investment business, picked up Skanska’s equity in the three Public Private Partnership (PPP) hospitals in Coventry, Derby and the Sherwood Forest Hospital in Nottinghamshire.
Keepmoat refinances, loses chief executive Keepmoat, the regeneration and housing provider, has refinanced and made management changes, but loses its chief executive. The refinancing completes the merger between Keepmoat and Apollo finally completed in March. The merged business announced in May that ‘Keepmoat’ would be the single brand following the merger that created a £1 billion turnover company, as FM World reported. The new funding arrangements replace a temporary bridging loan that was organised at the time of the merger. Keepmoat is now owned in a partnership between management and Lloyds Banking Group. www.fm-world.co.uk
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Out with the old, in with the new: outgoing CEO Ian Sutcliffe (left); his replacement Dave Sheridan
The group’s debt has been significantly reduced and the maturity of the debt facilities has also been extended for six years at an improved margin, according to a statement by Keepmoat. “In addition, Keepmoat has a new £125 million revolving credit facility, an increase of £50 million to allow it to take advantage of
market opportunities,” the statement noted. “As a result of the merger Keepmoat has been able to bid on a number of national frameworks. The group has also been successful in winning business from new and existing customers and has continued its strong record of delivery and working in partnership with local authorities and registered providers.” However, in a management shuffle, Ian Sutcliffe has decided to step down as chief executive of the business. Dave Sheridan, previously head of Keepmoat’s northern business, and prior to that chief executive of Apollo, is now chief executive Keepmoat.
Andrew Pryke, the new managing director of BAM Design will take the lead on developing the group’s use of building information modelling (BIM). Pryke joins BAM from Capita Symonds where he was an architecture board member and oversaw the work of 275 staff in 10 UK studios. “I will be exploring new opportunities to apply BAM’s expertise,” said Pryke. “There is a very exciting technological agenda to move forwards and we will continue to pioneer the application of building information modelling,” he said.
CGS snaps up Cre-8 FM provider Control Group Services (CGS) has bought Cre-8 Southwest. Cornwall-based Cre-8 is an energy management and carbon reduction engineering company that provides services including facilities and project management, and mechanical and electrical design services. CGS provides FM for shopping centres and commercial buildings, directly delivering security, cleaning and technical services.
McLaren and FMx merger Idox Group has bought software developer FMx and is merging it with its McLaren Software business. McLaren Software is an engineering document control and project collaboration solutions company, owned by software solutions organisation Idox Group. FMx, founded in 1999, develops computer-aided facilities management (CAFM) software. Its CAFM Explorer is designed to manage all aspects of an operational facility, including building maintenance, asset tracking, and estates management. FM WORLD | 1 NOVEMBER 2012 | 11
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