Ballast sale must progress quickly

by John Leitch

Ballast Nedam's disposals team needs to get its skates on as the value of its UK construction business will plummet if it loses clients. The business, put on the market several weeks ago, may deter clients concerned it is facing an uncertain future, said a potential buyer this week.

The buyer is frustrated by the Dutch parent's slow progress. "The value of Ballast is falling by the week," said the source. "The time it takes to reach a decision will affect the sale price. If the disposals team takes a long time, Ballast Nedam will get a lousy price as clients will have evaporated. Where consultants and project quantity surveyors can't be sure about a group's future, they simply knock the name off the shortlist that they present to their client."

Ballast Nedam's disposals team is headed by Geert Wirken. A spokeswoman for The Communications Group, brought in to improve the handling of the news flow regarding the future of the subsidiary, said: "We don't call it the disposals team - it is a special task force to handle the transfer of ownership." Asked what timetable the team is working to, she said: "It's commercially sensitive."

Ballast Nedam issued a statement last week expressing strong backing for Ballast managing director Phillip Cooper. He has "full and complete support" said board chairman Rene Kottman. Even so he is not a member of the disposal tea