News - Midlands
Carillion PPP sell-off
Carillion has sold equity in two public private partnership (PPP)
schemes for £86.9m to Innisfree. The Wolverhampton-headquartered
construction and engineering giant has sold 65 per cent of its 50 per
cent stake in Allenby Connaught and 50 per cent of its 40 per cent
interest in the New Accommodation Project, Cheltenham. The company
expects the deal will help it to move into a net cash position by the
end of the year. "These disposals are in line with Carillion's policy
of recycling equity in its investments in PPP projects and the proceeds
will be used to reduce the group's net borrowing," the company said in
a statement.