PETERHOUSE LAST week announced that it had sold contractor Jackson Civil Engineering to a management buy out (MBO) team, less than five years after buying the firm.
Peterhouse group chief executive Alan Robertson said the decision to sell came because Jackson Civil Engineering was no longer a core part of the business.
He said 2003 had been a 'tough year' because of a downturn in transmission line and telecommunication volumes, compounded by Network Rail's decision to take maintenance inhouse.
The management buy-out team acquired the company for £5.5M.
Money for the MBO came from the Bank of Ireland and Suffolk construction group SEH Holding.
Jackson was bought five years ago by Peterhouse Group as part of an £18.3M deal, which also included building, rail and infrastructure companies.
Neall said Jackson has a healthy forward order book with contracts including civils work for a £30M marina in Cornwall and a £20M air rights development across a railway line at Gerrards Cross in the south east.
Results published on Tuesday showed that Peterhouse pre-tax profits fell to £11.3M from £16.7M while turnover was £489.8M, up from £446.5M.