Carillion has sold equity stakes in two PPP projects to investment group Innisfree for £86.9m and said it expects to be in a net cash position by the end of the year

The contractor said it had disposed of 65% of its investment in the Allenby Connaught military accommodation scheme and 50% of its interest in GCHQ’s New Accommodation Project in Cheltenham. It said: “Following the receipt of these proceeds the group now expects to move to a net cash position by 31 December 2009.”