AmeyBriggs, a new joint venture between Spanish-owned Amey and US-owned Briggs Defence, has now got down to work on the £240m Miter contract, which consolidates three previous plant machinery contracts into one. The contract runs for seven years, looking after plant for the British Army, Royal Navy and Royal Air Force both at home and overseas.
Since the contract was awarded in August 2020, AmeyBriggs has been working on the transition of employees transition of 180 existing employees into the joint venture, along with equipment and services, including new IT system development and training packages. Operations began on 1 June 2021.
As part of the contract, AmeyBriggs purchased the existing Ministry of Defence (MoD) fleet, supported by a £70m asset based equipment revolver and term loan, with associated hedging arranged by ABN AMRO Bank.