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....as name set to disappear

Multiplex will change its name to Brookfield this summer.

A £3.4 billion deal to buy the Australian company behind Wembley Stadium was tied up by its new owner, asset management firm Brookfield, just before Christmas.

The Canadian firm will rebrand Multiplex’s UK arm - which also includes its property, FM and asset management businesses - to Brookfield Europe. The construction arm is set to be known as Brookfield Construction.

The UK construction division will continue to be headed by its managing director Ashley Muldoon.

The firm’s FM arm will continue to be headed by Rob Newton while Brookfield’s Scott Parsons is in charge of its asset management division.

Multiplex is to stay in its Berkeley Square, central London, offices for the time being. It employs around 120 staff there.

A Multiplex spokesman said: “This is a natural consequence of the takeover by Brookfield. The exact timings and details of the re-brand are still being worked out.”

Multiplex first entered the UK market in 1999 when it won a £30 million contract to rebuild the West Stand at Stamford Bridge for Chelsea FC. It agreed the deal to rebuild Wembley a year later.

The firm is set to turn over around £250 million this year - around a third down on its £400 million UK peak it posted in 2006.

After the reverses it suffered at Wembley, Multiplex decided to scale back its construction operations which saw it offload its work at White City, west London, to rival Australian firm Westfield in summer 2006.

Among the schemes Multiplex is working on is the £120 million Castle House residential project in south London, the £330 million Peterborough PFI hospital and the £500 million Pinnacle office block in the City of London.

It also carries out work for its developments arm and works on a number of one-off deals for the super rich including a £60 million private house scheme in upmarket Belgravia in central London.

Two Wembley rows settled out of court

Multiplex has settled out of court disputes with two of the four firms it is involved in legal action with over its Wembley Stadium contract.

The firm has reached agreement with US building controls specialist Honeywell, which issued a writ in the High Court last June alleging Multiplex’s bungling cost it £34 million. Multiplex had counterclaimed for £14 million.

And last August, German ceiling firm Lindner issued a claim for £5.8 million saying it was entitled to time at large or extension of time. Multiplex counterclaimed saying it had overpaid by £2 million for the work.

Multiplex declined to give the details of the settlements but said they were in line with expectations.
Multiplex goes back to the High Court next month to resume its battle with former steelwork contractor Cleveland Bridge in a case that will settle how much the pair owe each other.

And concrete firm PC Harrington has issued a £17 million-plus writ for damages and breach of contract. Multiplex has counterclaimed.