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Building firm could be sold within year

PUBLISHED: 01:34 15 September 2002 | UPDATED: 12:39 03 March 2010

JACKSON Construction, the Ipswich-based building firm could be sold by parent company, Peterhouse Group within the next six months, it has been confirmed.

JACKSON Construction, the Ipswich-based building firm could be sold by parent company, Peterhouse Group within the next six months, it has been confirmed.

A management buy-out is the most likely outcome, according to Peterhouse chairman David Jackson, no connection to the Ipswich firm, with talks already underway.

Jackson Civil Engineering and Jackson Rail, also based in Ipswich, will remain a key part of Peterhouse's future plans.

Confirmation followed the group's announcement of the £65 million acquisition of Scottish rail infrastructure group First Engineering.

Peterhouse made clear a year ago its intention to divest its construction activities, including Jackson Construction and Totty Construction. However, the latest acquisition has given the group sufficient "critical mass" to push ahead with the planned disposal, said Mr Jackson.

The construction business had become "a cash user, rather than a cash provider" with uncertain revenues, he said, and no longer fitted with the group's strategy to focus on support services.

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