Forward looking and dedication will make "Jarvis" a name to remember. IMO

the payout is capped at 3 milion and the rest will be paid by the insurance so the above is very old news.

This just appeared in The Huddersfield Examiner this afternoon, don't know whether it's new news or old news?

School firm Jarvis axed Jan 11 2005




By Neil Atkinson, The Huddersfield Daily Examiner


TROUBLED firm Jarvis are to be axed from their contract to maintain Kirklees schools.

Top councillors are proposing that a new investment company take over the multi-million pound contract.

The moves are intended to secure the long-term future of a contract for the maintenance, caretaking and cleaning of 19 schools in Kirklees and have been agreed by a council Cabinet committee.

Hundreds of cleaners, catering workers and caretakers in Kirklees are employed by support services group Jarvis, but their contracts will be switched to the new service providers.

Jarvis are in serious financial trouble and are heavily in debt.

The proposed move will lead to an end to the council's relationship with Jarvis plc, which was the partner involved in a major multi-million pound construction programme in the schools, and the subsequent maintenance contract.

The schools are those that were transformed under huge investment through the Government's public private partnerships initiative, under which Jarvis plc carried out major construction and refurbishment.


http://ichuddersfield.icnetwork.co.uk/0100news/0100localnews/tm_objectid=15064255%26method=full%26siteid=50060%26headline=school%2dfirm%2djarvis%2daxed-name_page.html

old news.

can we have some new UPBEAT new as im getting bored in this lift and will be pressing the exit button shortly

azhar - 11 Jan'05 - 20:52 - 101 of 102

old news.

Is it really? The Kirklees decision was taken that afternoon - try reading page 2 of the link (or is that too much trouble).

and

babykitcat - 11 Jan'05 - 21:08 - 102 of 102

can we have some new UPBEAT new as im getting bored in this lift and will be pressing the exit button shortly

Bye Bye

I got bored so I got out yesterday. Time to move on.

brianboru I work for Kirklees. this was discussed ages ago although it has come to light recently.

someone not getting enough

LONDON (AFX) - Jarvis PLC, the support services company struggling to avoid
financial collapse, is set to sell its equity share in a 59 mln stg private
finance initiative contract with Kirklees council to the Secondary Market
Infrastructure Fund, the private investment fund owned by Star Capital, the
Financial Times reported.
The newspaper did not name its source, but said SMIF will take over Jarvis's
35 pct equity stake in the special purpose vehicle set up to manage the PFI
contract. The stake is understood to be worth about 1.6 mln stg, according to
the article.
The other SPV equity stakeholders are Kirklees council, which owns 30 pct,
and other investment funds, including the Barclays European Infrastructure fund,
which owns the remaining 35 pct.
--

Things going according to plan then. Lovell did say he would have the PFIs sorted b4 end of Jan. Will he live upto the rest of the stuff he said. Watch this space for some big action if he does.

Well the Financial Times seems to think it's new news ;-)

LONDON (AFX) - Jarvis PLC, the support services company struggling to avoid
financial collapse, is set to sell its equity share in a 59 mln stg private
finance initiative contract with Kirklees council to the Secondary Market
Infrastructure Fund, the private investment fund owned by Star Capital, the
Financial Times reported.
The newspaper did not name its source, but said SMIF will take over Jarvis's
35 pct equity stake in the special purpose vehicle set up to manage the PFI
contract. The stake is understood to be worth about 1.6 mln stg, according to
the article.
The other SPV equity stakeholders are Kirklees council, which owns 30 pct,
and other investment funds, including the Barclays European Infrastructure fund,
which owns the remaining 35 pct.

http://www.the-self-preservation-society.co.uk/modules.php?name=News&file=article&sid=145

read this on my FT.com portfolio except the page would not open so all i got was the heading does any one know any more COMPANIES UK: Jarvis on the brink in banks' end-game
does not sound very good this was all dated today 17/1/05

isnt this old news? as dated 11/1/05

Jarvis deal probe Jan 20 2005

AN inquiry is being ordered into Kirklees Council's schools contract with troubled firm Jarvis.

A meeting of the full council was told that lessons must be learned from what happened.

A new investment company is taking over the multi- million-pound contract to maintain schools after Jarvis ran up huge debts.

The 50m deal to refurbish and maintain 19 schools was the council's first involvement in a Private Finance Initiative scheme.

Clr John Smithson, the council's deputy leader, said: "Jarvis got their price spectacularly wrong and had to put in some 20m to 30m of their own money.

"They did not live up to expectations in the delivery of the contract."

Town hall scrutiny chairman Clr Andrew Palfreeman will be asked to set up the inquiry.

Council leader Clr Kath Pinnock said: "We have got to have a detailed and objective inquiry into the contract.

"There are lessons that the council will want to learn."

Tory group leader Clr Robert Light said: "We have got to come out of the experience the wiser for it."

Investment company Secondary Market Infrastructure Fund is taking over Jarvis's shares in the contract.

It is likely to appoint cost consultants Turner and Townsend as its agent.

Jarvis: Banks sign up to give Jarvis a future !
Posted on Wednesday, January 26 @ 15:04:02 GMT by panky


Speculation mounted over the weekend that Jarvis would win its battle for survival this week.
Jarviss debt mountain soared to 240m during 2004 and there were few who believed that after reporting a 280m loss in the most recent six-month financial period, new chief executive Alan Lovell could pull the group out of the fire.
But after selling virtually all Jarviss family silver, Lovell should be able to heave a sigh of relief as lawyers acting for the groups two main banks Barclays and the Royal Bank of Scotland sign up to give Jarvis a future.
A source close to the deal said: "There is every likelihood of an announcement this week."
The refinancing has been conditional on the groups one-third share in TubeLines being sold and a final contractual solution being found to all Jarviss PFI contracts.
Ferrovial has made an agreed offer of 147m for the TubeLines stake, and the other members of the special purpose vehicles of which Jarvis is a member have accepted the need to stump up 100m to keep the 14 PFI projects moving forward.
"The entire package has been co-dependent," the source said. "Lawyers are cagey people and wouldnt sign off on the refinancing until TubeLines was in the bag and until they had a maximum figure on what the construction exit might cost. But that day has come."
*A High Court action between Laboursite and Jarvis is not expected to throw a spanner in the works. Laboursite, one of Jarviss labour-only subcontractors, is said to been looking for 500,000 for dozens of unpaid bills.
"There is no war," a Jarvis insider said. "Laboursite is still working for us."
CJ understands that the pay dispute between Jarvis and Laboursite stems from quality-of-work concerns
*This dispute has now been resolved.

INTERESTING TO SEE JUST HOW FAR THE PRICE GOES if AND A BIG IF THERE IS ANY NEWS RELEASED.
KEEP US POSTED