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