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Jarvis looks for rail jv
00:00 21 May 1997
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Jarvis is in exclusive discussions with rail track renewal company
Relayfast regarding the possible formation of a joint venture
company.
The only other remaining bidder, British Steel subsidiary, Grant Rail, is now out of the running.
Other bidders, Amey, Balfour Beatty, Amec and Seco dropped out of the running earlier, after describing the œ25 million bid price as "too high."
The company has a turnover of approximately œ60 million per annum and employs 750 people.
Relayfast was formed in February 1996 after a management buyout of the former British Rail Scotland Track Renewals unit. It acquired the Western Track Renewals unit in July 1996.
Since privatisation it has lost many of its contracts with Railtrack and was put up for sale in January this year.
The only other remaining bidder, British Steel subsidiary, Grant Rail, is now out of the running.
Other bidders, Amey, Balfour Beatty, Amec and Seco dropped out of the running earlier, after describing the œ25 million bid price as "too high."
The company has a turnover of approximately œ60 million per annum and employs 750 people.
Relayfast was formed in February 1996 after a management buyout of the former British Rail Scotland Track Renewals unit. It acquired the Western Track Renewals unit in July 1996.
Since privatisation it has lost many of its contracts with Railtrack and was put up for sale in January this year.
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