Deal to save £181m-turnover contractor is expected to be sealed tomorrow

Vinci is poised to buy struggling contractor Haymills, saving it from collapse, Building understands.

As revealed by Building on Friday, it was one of four companies that tabled bids for the £181m-turnover firm, which ran into trouble after banker RBS froze its account last month.

The deal is due to be formally tied up tomorrow but the final agreement may not include the company's London operation.

Haymills, which employs 700 staff and specialises in the commercial and residential markets in London and East Anglia, was forced to look for outside investment after its lender RBS froze its bank account last month.

The size of Haymills’ debt was not disclosed but a company spokesperson said it was operating with a £3m cushion when RBS pulled the plug.

He said: “RBS moved the goalposts and knocked the wind out of us. It was in the same week that I read a five-page article in the Mail on Sunday about how it was helping small and medium-sized businesses. Don’t believe everything you read in the papers, clearly.”