Equity raise and housebuilding sale set to rake in £350m for Kier by middle of next month

By Dave Rogers2021-05-13T09:28:00

Contractor announces promised details of £241m cash call

The final stage of Kier’s plan to be debt free in the next couple of years was announced this morning with the firm telling the City it hopes to raise £241m in new equity by the middle of next month.

Chief executive Andrew Davies said last month that its £436m debt pile could be a thing of the past as proceeds from the equity raise and the £110m sale of its housing arm, Kier Living, which is being bought by a private equity group led by financier Guy Hands, are ploughed into cutting what it owes lenders. The Living sale is due to be completed by the middle of next month ahead of a planned general meeting on 16 June.

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