Jarvis announced last week further crippling losses totalling £353.8 million for the year ending March 31. It has maintained that road work along with rail renewals and plant hire make up its core business and it has sold off all its other interests.
The sale will include its 80 per cent shareholding in Herefordshire Jarvis Services, a venture with Herefordshire Council, and its 50 per cent interest in Accord Jarvis.
Jarvis has come up with a debt-for-equity restructuring plan to try and save the company. The firm has been battling for survival after over-stretching itself on contracts, particularly on private finance initiative deals - which lost it £256 million a year ago.