Multiplex to return to UK contracting sector
Pressure from new owner Brookfield is believed to be behind Multiplex's decision to re-enter the UK contracting market.
The U-turn follows Multiplex's announcement last September that it was pulling out in the wake of the Wembley debacle.
The Canadian asset management specialist snapped up Multiplex in June for more than £3bn and the buyout saw the founding Roberts family cut its ties with Multiplex.
A Multiplex spokesman said: "Things changed after the Brookfield takeover and now we can push forward without the restrictions of being a listed company.
"It was former chief executive officer Andrew Roberts' idea to get out of contracting but now he has gone the situation has changed."
Sources close to the company said projects on its radar included the £2bn Olympic Village for the 2012 Games being developed by Lend Lease and First Base.
Multiplex will also be chasing prestige tower projects, but has ruled itself out of stadium construction work following Wembley.
The spokesman added: "We've built towers and prestige projects all over the world so it's daft not to do things we are good at. The only thing we would probably shy away from is another showpiece stadium."
A management reshuffle has seen Jayne McGivern promoted to chief executive of Multiplex UK. Working under her will be Ashley Muldoon heading up the construction business, Andy MacDonald as managing director of the development arm and Rob Newton in charge of the facilities management operation.
Multiplex scored its first success last week when it won the pre-construction deal on the £500m Pinnacle office block on Bishopsgate in the City of London for developer Arab Investments.
The spokesman said: "You can see the direction we are looking to move with the Pinnacle deal where we've won the pre-construction and hopefully will get the full contract. We are back in the market and looking for prestige projects.
"A year ago the decision was made to build only our own projects in the wake of Wembley, but it is all change now."