Carillion has made its last major disposal as part of its restructuring plan, with the sale of a French civil engineering and building business.

Carillion agreed to a £10m management buyout of the business in Nice, which is called Carillion BTP.

A spokesperson for the company said that the French firm did not fit in with Carillion’s strategy of expanding its support services and private finance businesses, as prospects for PFI deals in the country were not good.

Chief executive John McDonough said: “The sale of Carillion BTP is in line with our strategy of focusing on selected growth markets and strong risk management. It will enable us to concentrate the investment of management time and resources on our chosen markets, from project finance, through design and construction to maintenance and whole-life asset management.”

The company has become increasingly focused on the support services sector, and has a £1bn turnover in its services and construction business.

The sale of BTP is in line with our strategy

John McDonough, Carillion BTP

The spokesperson said Carillion intended to hold on to its Canadian business, which it sees as a growth market, its Middle Eastern and Caribbean businesses, and its Scandinavian rail company, Swedish Rail Systems.

Money from the sale of the French business will be invested in expansion, both organic and through acquisition.

Postscript

Wolseley, the FTSE 100 building materials firm, has announced that the managing director of Wolseley France, Jacques Descours, has stepped down.