Kier has completed the sale of its fleet and passenger services business, Kier FPS for £17.9m
Kier Group has completed the disposal of its fleet and passenger services business, Kier FPS Limited.
The business has been sold to Alpha Holdco 1 Limited, an entity managed by Endless LLP, for £17.9m.
Kier FPS, which provides specialist vehicle contract leasing and fleet management services to public sector clients and Kier’s local authority highways and utilities business, was acquired by the group as a part of the May Gurney acquisition in 2013.
Kier and Kier FPS have also entered into a five year agreement, which will see Kier FPS continue to supply fleet services to its local authority highways and utilities business.
Haydn Mursell, chief executive at Kier, said: “FPS was acquired as part of the May Gurney transaction. However, in light of our strict return on capital requirements, we concluded that it would be appropriate to dispose of FPS to a specialist operator which will be managed by the existing management team.”