Businessman Paris Moayedi has disclosed this week that he bought a shell company from Harvey Bard, a former colleague at the troubled support services group Jarvis.
Moayedi bought the company, Glintock, from Bard, his predecessor as Jarvis chairman, and printing magnate David J Instance in March. He has since renamed the company IWI Holdings.
It is understood that Moayedi will use IWI Holdings as the vehicle to launch a business recycling residential rubbish. This activity will complement Tectronics, the Oxfordshire company he acquired recently, which uses new technology to reuse site waste.
Moayedi bought a shell company so that he could set up business more quickly. He has replaced Bard and Instance and appointed three directors.
Moayedi told Building that he was in discussion with a number of local authorities about entering into joint-venture agreements through IWI, but declined to comment further.
An industry source said of Moayedi’s recent empire building: “You have got to hand it to him, he is not a man for standing still.”
In effect, Moayedi is creating a decontamination group. This could be used to exploit development potential in the Thames Gateway, the area to the east of London that the government has singled out for housing growth. Large areas are contaminated and would require treatment.
Moayedi quit as chairman of Jarvis last November. He had previously been chief executive but moved across following the death of chairman Lord McGowan. Since Moayedi’s departure, the firm has issued a series of profit warnings and is planning to sell off large chunks of its business.
Bard was chairman of Jarvis when Moayedi joined in 1994. The contractor was in dire trouble at the time, having been badly hit by the recession. Bard, who remained on the board until 1997, had attracted criticism for his handling of the situation and lack of construction knowledge.
He later became director of the group’s property interests but resigned in March 1997 to work on private interests.