Upbeat Kier says turnaround plan and equity raise set to wipe out firm’s debt pile

By Dave Rogers2021-04-21T08:13:00

Move and sale of housing arm will rake in up to £350m in coming weeks

Kier has said its improving operational performance means the time is right to launch an equity raise which it is hoping to rake in up to £240m from to address its crippling debt problem that its latest results show now stands at a month-end average of £436m.

Some analysts had been expecting the firm to hold off following the sale of its Kier Living housing business, announced last week, to a private equity firm run by financier Guy Hands for £110m. Around £75m of this will be used to cut its debt pile with a further £15m held in cash reserves.

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