Crown House sale goes ahead

Carillion expects to complete the sale of Crown House, its M&E business, to Laing O'Rourke by the end of June. The sale price is £17.3m in cash, generating a net profit of £9.9m for Carillion.

O'Rourke will take on all Crown House's live contracts and staff. Carillion will retain a small number of contracts that are complete and on which final settlements are in the process of being agreed.

Carillion has written off £55.1m of goodwill relating to the original purchase of Crown House.

Carillion chief executive John Mcdonough said: "The sale of Crown House is in line with our consistent strategy for sustainable profitable growth as it strengthens the focus of our management and resources on the development of our business services and private finance activities, alongside a strong but selective construction business."