Amey sells utilities business

The new name, registered these days, follows Amey finishing the sale of its utilities business enterprise to industrial private equity investor Rubicon Companions on 12^th April.

Avova will now operate as a individual entity. It retains the same structure and administration staff as when owned by Amey but it will be appointing a new running director.  Craig McGilvray, previously controlling director of Amey Safe Infrastructure & Utilities, is being with Amey.

The sale is in line with Amey’s technique to emphasis on pure public sector marketplaces, relatively than regulated industries.

Craig McGilvray mentioned: “This is a hugely positive action for both equally Avove and the wider Amey Group. The sale offers the new enterprise with the skill to leverage opportunity and supply a strategic proposition backed by development. Now the staff can concentration on and go on its upward trajectory on fiscal and operational functionality. I would like them all the luck in the long run.”

The most the latest accounts for Amey Utility Solutions present that in 2020 it produced revenues of £194m and built a pre-tax earnings of £5m. Amey is a subsidiary of Spanish infrastructure team Ferrovial and has by itself been up for sale for quite a few several years.

Received a story? E-mail [email protected] kingdom