John Laing puts £100m tag on construction arm
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.John Laing, the 150-year-old building firm, put its lossmaking construction arm up for sale yesterday with a £100m price tag, marking a change of direction for the group.
John Laing, the 150-year-old building firm, put its lossmaking construction arm up for sale yesterday with a £100m price tag, marking a change of direction for the group.
The construction business has been hit by a series of poorly performing projects in recent years, including the troubled Millennium Stadium in Cardiff, which ran hugely over cost. Laing lost £26m on the high-profile stadium, which opened last year.
Last October, Laing announced a reorganisation of the division, one of the best-known construction businesses in the country, which involved the loss of 850 of its 2,800 employees. Having restructured the business, Laing said it was now in a condition for sale. After the disposal, Laing will concentrate on higher-margin housebuilding and infrastructure work, under the Government's Private Finance Initiative, and its railway business.
Sir Martin Laing, the chairman, said: "The Laing Group strategy is moving in a different direction and as the focus on Laing Homes, Laing Property and Laing Investments intensifies, it is possible that the ... Construction Division will become frustrated over their business' development."
The company said its construction arm needed to be part of a bigger building group that could offer the stronger balance sheet necessary to win work. The construction division made a loss of £19m in the first half of this year. Laing said that it was not yet in negotiations with potential buyers.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments