Moayedi forms jv with Harvey Bard

Paris Moayedi, the charismatic former chief executive of Team Services, has formed a joint venture project management company with Jarvis, the building, civil engineering and property group headed by Harvey Bard. Moayedi, who left Team in May, is the majority shareholder (51%) in Jarvis Projects, a totally independent œ1 million fully-paid-up share capital operation, with Jarvis holding the remaining shares.

The joint venture aims to develop Jarvis Construction into what Moayedi calls 'a more modern form of contracting, in line with clients' needs.' Offering a turnkey service, Jarvis Projects will adopt the non-adversarial philosophy that Moayedi became known for at Team, and will aim to build up negotiated work.

His fellow directors will be: Geoff Shaw, the former Kier Management director; Harvey Bard, the Jarvis chairman; and Robert Kendall, the Jarvis finance director.

'It was one of the many options I considered when I left Team, and the more I discussed it with Harvey Bard, the more I could see tremendous potential,' says Moayedi.

'I intend to build on the reputation for reliable, honest contracting that Jarvis has developed over 150 years.'

The move comes as shares of Jarvis fell 3p to 13.5p on Monday when annual results showed a œ3.15 million loss on turnover down 23% to œ70.8 million. This was an improvement on the previous year's œ3.7 million loss, but Bard offered little hope of early improvement. 'Severe trading conditions... showed no sign of improvement,' he said, and added that tender prices were making it difficult to cover overheads. Heavy provisions had been necessary for an ongoing DoT road project in Clacton, and a small job for Severn Trent that had gone badly wrong.