Brewin Dolphin buys 10% share from investment bank worth £11m

Investment bank Goldman Sachs reduced its stake in Jarvis by 10% leaving it with a 12.06% holding in the troubled support services group.

It is understood that UK broker Brewin Dolphin bought the 10% stake at the end of last week and placed its with institutional clients. The stake is worth around £11m.

Earlier this month, Jarvis posted a pre-tax loss of £1.5m for the six months to 30 September, marking a significant improvement on the £59.3m loss in 2005.

However, turnover from continuing operations fell from £177.7m to £153m partly due to downturn in rail contracts and also because of the virtual winding-up of its construction operations.