Ballast is not closing UK business

Ballast has fiercely denied speculation in this morning's papers that it is "closing down its UK business".

In a statement released last night, the company admitted that a previous statement on Tuesday, which announced a "withdrawal over time", has been "misinterpreted" as a closure programme.

It said: "Ballast operates 11 business units in the UK. Two of these units, both situated in the South, have performed badly and actions are underway to rectify the situation."

The company added: "The remaining construction business operating within the developments and the services division, which includes substantial PFI activities, are all profitable and are developing in line with the company's strategy."