Ferrovial slashes Amey's sale price by £660m

28/02/2019

Spanish infrastructure giant Ferrovial has slashed the sale price of Amey by £660m leaving it valued at £88m.

Ferrovial said: 'Amey’s value has been affected by the situation of the UK services sector in recent years, due to numerous uncertainties attributable to budget cuts by local administrations, among other factors.

'Moreover, contractual disputes have proliferated between service providers and their clients.'

Amey has been caught in a long running dispute with Birmingham City Council and is now trying to extricate itself from the contract at what is estimated to be a £200m-£300m cost.

It also looks set to part ways with Trafford Council, on its 23-year joint venture contract.

A council scrutiny committee has found a series of problems with the contract, including poor performance, failure of the self-monitoring aspects and poor communication.

It recommended the council ‘consider alternative models of service delivery, including the development of an in-house service model, with a view to ending the contract with Amey’.

Ferrovial said: 'Amey has a PFI agreement signed in 2010 with Birmingham City Council, which retained all related payments in 2018.

'The UK subsidiary, and the other stakeholders involved in the contract, are negotiating with the Council to attain a solution that is satisfactory to all parties.'

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