Group announces schools joint venture with VT Group and confirms exit from Nigeria
Costain has been appointed preferred bidder on a £400m Building Schools for the Future PFI project in Lewisham, south east London. In joint venture with VT Group, Costain will refurbish 12 secondary schools, including three special needs schools in the London borough.
Costain will be responsible for construction work, whereas VT Group will carry out ICT, support services and facilities management work.
Work is scheduled for completion in 2013. Lewisham is Costain’s second BSF win, after reaching financial close in Bradford in December.
Costain also announced today that it has fully exited its operations in Nigeria, West Africa. The move follows Costain’s announcement in June that it was closing its international division.
It has sold all of its interests in Nigeria, including its minority interest in Costain (West Africa) PLC, which it has sold to Shoreline Energy International.
Costain’s chief executive Andrew Wyllie said: “The group’s activities in the region are not within our core areas of activity.”
Costain’s annual results are due to be published tomorrow.