Contractor says deal with Sinclair Knight Merz to buy environmental consultant will enable it to cut net borrowing
Contractor Carillion is to sell its environmental consultancy business, Enviros, to Sinclair Knight Merz for £27m in a bid to reduce its debt pile.
Carillion announced this morning that it had agreed a deal with the engineering, sciences and project delivery firm, subject to completion of balance sheet adjustments.
It said it would use the sale proceeds to cut net borrowing.
In an interim management statement last week, Carillion said it would this year reduce debt to below the £146m recorded at the half year mark and was on track to increase its turnover.