Sweett Group exits from investments in PFI/PPP projects, Equitix buys
Sweett Group, the international construction and property consultancy, yesterday announced that it has transferred its interest in the Scottish hub North Territory project to a new joint venture company jointly owned by the Sweett and Equitix Hubco 3 Limited (Equitix).
Under the terms of the transfer agreement, Equitix will provide substitute financing for the two existing hub North schemes and fund future schemes to the extent previously underwritten by Sweett Group.
The cash amount paid to the Sweett Group in consideration for the transfer was approximately £900,000. The cash will be used to reduce Sweett Group debt.
This transaction completes the Sweett Group's exit from its direct investments in PFI/PPP projects. Retained investments are under £100,000 in aggregate and the Sweett Group has no future funding commitments attaching to this business activity.
Dean Webster, Chief Executive Officer of Sweett Group, said:
"The Group has now completed its strategic asset disposal programme of its investments in PFI/PPP projects. These investments have provided a robust return and enabled the Group to reduce its debt. While we have no future funding commitments, we will still remain an adviser in this specialist field"
In September 2012, Sweett Group announcesd that it had sold its 19% stake in Lift Investments Limited (Plymouth Lift) to Equitix. In July 2012, the firm sold its interest in the Inverclyde Schools PFI Project to Equitix.
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