Jarvis is set to conclude the sale of its stake in Tube Lines for £146.8m as well as four construction contracts to Vinci.
Troubled support services group Jarvis is on the verge of completing two key deals as part of its bid to reduce its crippling debt levels.
The firm, which was hit by court action launched by an unpaid supplier earlier this week, is expecting to finalise the sale of its stake in the Tube Lines consortium to Amey for £146.8m and four live construction contracts to Vinci tomorrow (Wednesday).
A source close to the firm said the two deals, which were initially agreed by Jarvis last month, were now reaching completion. The source said: "It's in its final knockings. The legal agreements are just about in place and they should be in position to announce them on Wednesday."
The deals are vital to Jarvis chief executive Alan Lovell's attempt to turn the firm's fortunes around and reduce its £200m plus debt level. The firm had a horrendous 2004 losing over £500m for the year to 30 September 2004. Its share price stood at 28.5p this afternoon.
The source close to the firm added that once the two sales are complete the firm could concentrate on selling it facilities management operations.
