Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Vinci to buy Haymills

French construction giant Vinci is to buy troubled top 100 contractor Haymills tomorrow, Construction News understands.

Haymills will briefly enter administration tomorrow morning before signing paperwork to be acquired by Vinci.

An administrator-elect was given four offers to choose from on Friday. It is understood to have chosen the French firm, and to be tying up paperwork today.

Staff on weekly wages are expected to be paid their arrears in the next few days, with those on monthly salaries soon after. The majority of about 700 jobs at the firm are likely to be saved.

Haymills has been under the spotlight since it put its Gibraltar arm into voluntary liquidation last week.

It was forced to delay payment of staff wages and money owed to sub-contractors after RBS removed its overdraft facility.

The firm – which had a turnover of £181.2 million for the year ended 31 March 2008 – blamed the bank for its problems.

A spokesman said: “As far as we are concerned, RBS reneged on a deal with us. An honest, hardworking company is in the situation it finds itself in because a bank owned by the people has reneged on an agreement.”