{"id":53145,"date":"2019-02-28T09:16:12","date_gmt":"2019-02-28T09:16:12","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=53145"},"modified":"2019-02-28T09:16:12","modified_gmt":"2019-02-28T09:16:12","slug":"ferrovial-slashes-amey","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/ferrovial-slashes-amey\/53145\/","title":{"rendered":"Ferrovial slashes value of UK subsidiary Amey by \u00a3660m"},"content":{"rendered":"

Spanish giant Ferrovial<\/a>, owner of UK government contractor Amey<\/a>, has reduced the value of the business by \u00a3660m<\/h2>\n

Ferrovial revealed the book value of Amey, whose 20,000 employees sustain train tracks, escort prisoners and house armed forces personnel, was now only \u20ac103m (\u00a388m) after a \u20ac774m write-off.<\/p>\n

Amey has embattled several financially troubling deals including a \u00a348m loss on the M8 motorway upgrade in Scotland last year.<\/p>\n

Ferrovial said: \u201cAmey\u2019s 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.<\/p>\n

\u201cMoreover, contractual disputes<\/a> have proliferated between service providers and their clients.\u201d<\/p>\n

Amey is currently caught up in a major dispute with Birmingham City Council over its \u00a32.7bn highways maintenance contract.<\/p>\n

Ferrovial added: \u201cAmey has a PFI (Private Finance Initiative) agreement signed in 2010 with Birmingham City Council, which retained all related payments in 2018.<\/p>\n

\u201cThe 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.\u201d<\/p>\n

Amey was taken over by Ferrovial in 2003 for \u00a381m. In 2013 it paid \u00a3385m to acquire Enterprise, which it merged with Amey to increase its size.<\/p>\n

Ferrovial announced it was looking to sell Amey<\/a> in December 2018 citing the company wishes to focus on transport infrastructure as the main reason.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Spanish giant Ferrovial, owner of UK government contractor Amey, has reduced the value of the business by \u00a3660m.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,283,579],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-53145","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-finance","9":"tag-infrastructure"},"acf":[],"yoast_head":"\nFerrovial slashes value of UK subsidiary Amey by \u00a3660m<\/title>\n<meta name=\"description\" content=\"Spanish giant Ferrovial, owner of UK government contractor Amey, has reduced the value of the 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