Jarvis considers selling half its 33% stake in Tube Lines

Engineering group Jarvis has admitted today (Friday) that it is considering reducing its stake in Tube Lines, one of the firms in a consortium responsible for modernising the London Underground.

The proposal to sell half of its 33% stake in Tube Lines is part of Jarvis' strategy of limiting investment in any single project. However, it admitted it the sale could take several months to achieve.

A Jarvis spokesman said: "With the joint venture having been operational for well over a year, the company believes it is the appropriate time to consider this move."

The Tube Lines consortium, which also includes Bechtel and construction company Amey, now part of Spain's Ferrovial, was set up in 2002 and is responsible for the Piccadilly, Jubilee and Northern lines.