French firm to snap up chunk of troubled contracting group

Jarvis is set to sell its PFI bidding operation to French contractor Vinci after the two signed a heads of term agreement.

In an announcement to the Stock Exchaneg this morning Jarvis said it had reached agreement with Vinci arm Vinci Investments and that the deal was subject to due diligence and completion of documentation.

The deal is part of a a restructuring at Jarvis in the wake of the firm posting a huge pre-tax loss of £247m in the summer and include PFI deals that have been built but have yet to be passed on to a facilities management contract.