Jarvis sells radio mast subsidiary

Jarvis yesterday sold its mobile telephone radio mast company to a joint venture of its management and Babcock & Brown as part of its strategy of disposing of non-core businesses.

The Ultramast sale will make the company £289,619, although it could be worth up to £2.1m depending on its performance over the next five years. The deal will also write off over £7.7m owed to Ultramast by Jarvis.

A Jarvis spokesman said: “We’ve got a range of those businesses that we are contemplating within the non-core operations. If we can find buyers for them, then all the better.”

The company is also poised to sign a £39m deal to construct the Cork School of Music. A spokeswoman for the Department of Education and Science said the 25-year PPP contract depended on assurances from Jarvis’ backers.

Work on the project is due to start in September, and it is understood that Sisk will be named as the subcontractor.