Government contractor Kier has sold off its housebuilding arm to private equity baron Guy Hands in a cash deal worth £110million.
The construction company announced the deal on Friday, saying it had agreed to sell its Keir Living business to a newly formed company called Foster BidCo owned by the billionaire investor.
Hands, the founder and boss of private equity firm Terra Firma who s been living in Guernsey for tax reasons since 2009, said he was delighted to buy the business, which has significant growth potential .
Deal: Private equity baron Guy Hands said Kier Living had significant growth potential
Private equity firms are infamous for making drastic cuts at the companies they buy and loading them with debt before selling them on for more money.
Appointments and promotions at Bourne based company
| Updated: 17:09, 18 December 2020
A Bourne based housebuilder has appointed a new construction director and has promoted a senior land manager to land director.
Larkfleet Group has appointed former Keir living director, Rob Crossland, as its new construction director, while the Groupâs senior land manager, David Morris, has been promoted to land director.
Rob joins Larkfleet Group from Keir Living, a housing arm of the Keir Group, having spent 11 years there â beginning as a construction manager and leaving as construction director.
Rob Crossland of Larkfleet Group (43633266)
In his role at Larkfleet Group, Rob will be responsible for leading the construction team in safety, quality and customer satisfaction; and ensuring developments are built to time and budget.