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Wed May 22 2024

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Sweett PFI deal collapses

19 Jul 12 Sweett Group’s proposed sale of a PFI asset in Scotland has fallen through.

The firm agreed a deal in April to sell its 15% stake in the Dumfries & Galloway Schools PFI project for £2, 175,000.  The buyer was Cygnet Investments (D&G) Ltd and the deal was expected to close by 30 April.

Sweett gave no reason for the collapse of the deal but said only that “the board has decided that it is now in shareholders' interests to pursue the completion of this sale via an alternative disposal structure”.

It added that it was confident that it will be able to complete a deal in the current financial year.

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