John Laing Group
John Laing plc is a British developer and operator of privately financed, public sector infrastructure projects such as roads, railways, hospitals and schools through Public-Private Partnership (PPP) and Private Finance Initiative (PFI) arrangements. Prior to being acquired by Henderson Private Equity in December 2006, John Laing plc was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index.
Today
Since 2001, John Laing has undertaken a new strategic direction, which included the disposal of activities such as contracting, house-building and property, all regarded as non-core for a new strategic focus on investment in public service infrastructure, social infrastructure and rail franchises.
John Laing now comprises three divisions:
- Laing Roads
- Laing Rail: operators of Chiltern Railways and London Overground (with MTR Corporation), and holders of a stake in the open-access railway operator Wrexham & Shropshire.
- Equion: for projects in healthcare, defence, education, social housing, policing and criminal justice.
The Laing Rail division was put up for sale by Laing's owners Henderson in September 2007. Go-Ahead Group and Arriva have both expressed interest with National Express, Stagecoach, Keolis and Deutsche Bahn also being reported as likely bidders.[1]
As of December 2007, two bidders remain, Deutsche Bahn and NedRail.[2] On January 21st, 2008, Deutsche Bahn announced that it would take over Laing Rail ltd, subject to approval by authorities.Cite error: A <ref> tag is missing the closing </ref> (see the help page)., Coventry Cathedral completed in 1962[3], Clifton Cathedral completed in 1973[4], the Sizewell B nuclear power station completed in 1995[5], the Second Severn Crossing completed in 1996[6], the Millennium Stadium in Cardiff completed in 1999[7] and Norfolk and Norwich University Hospital completed in 2001[8].
Restructuring
The business expanded rapidly in the late 1990s such that by the year ended 31 December 2001 its turnover was in excess of £1bn. Following significant losses on certain construction contracts[9] it decided to concentrate on its successful PPP / PFI activities. Accordingly its construction activities were sold to O'Rourke in 2001,[10] its property developments divisions were sold to Kier Group[11] and its house building activities were sold to George Wimpey in 2002[12]. The company now has a portfolio of circa 50 PPP/PFI investments.
Takeover
In December 2006 John Laing plc was acquired by the Private Equity arm of Henderson Group.[13][14]
References
- ^
"Chiltern Railways auction attracts strong interest". Reuters. 2007-09-17. Retrieved 2007-09-18.
{{cite web}}: Check date values in:|date=(help) - ^ Rail rivals line up Chiltern The Sunday Times - 9 December, 2007
- ^ National Gallery of Scotland
- ^ Clifton Cathedral Guide
- ^ British Construction Industry Awards
- ^ Bridge legislation
- ^ Cardiff stadium 'financial disaster'
- ^ CABE
- ^ Stadium losses
- ^ Sale to O'Rourke
- ^ Out-of-fashion Kier shares are just a hold
- ^ Wimpey takes over again as UK's biggest housebuilder
- ^ Henderson takeover
- ^ Building article