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M25 deal "set to close on 20 May"

The M25 widening scheme is set to close on 20 May, Construction News’ sister magazine Infrastructure Journal has this morning reported.

The bank consortium on the £5.5 billion M25 widening scheme were meeting this morning for a discussion ahead of next Wednesday’s financial close deadline.

Construction News revealed last month that the date for close had been put back, with a suggestion that it would be signed off in “early May”. The consortium working on the deal, comprised of Balfour Beatty, Skanska, Egis Projects and Atkins, is expected to start work soon after close is reached.

Due to the current economic climate the deadline was pushed back until 20 May, putting back the provisional start date at the end of April.

The deal was eventually oversubscribed, with more money pledged by banks than was needed to close the deal.

Read more:

M25 deal to close in “early May”

Read Infrastructure Journal’s story (subscription required)