Prosign and Veluvine go to Somaro for £24m.

Jarvis has completed the sale of its European Road Business to the French company Somaro, a Bouyges SA subsidiary, for £24m. The business, which is made up of Prosign and Veluvine, and employees approximately 450 people in France and the Netherlands, comes with net debts of almost £5m.

Jarvis decided to sell the business as part of its ongoing restructuring after it was deemed to be ‘non-core’. It entered into a conditional agreement with Somaro at the end of 2004, when chief executive Alan Lovell said the disposal would “represent further significant progress regarding the implementation of the strategy to reduce debt and focus on three core business areas in future.”