Concrete frame specialist Morrisroe was tipped to take over Skanska’s ground engineering division Cementation early this year but industry insiders have said that the firm has pulled out of the deal.
GE believes that Morrisroe has said that the £55M price tag placed on Cementation is too high and its offer for the business was significantly lower.
In a statement, Skanska confirmed Cementation was still up for sale. “The sale process is progressing but nothing has yet been signed,” said a spokesman. “We will only comment on signed contracts and not on speculation.”
Ground Engineering specialists who had previously seen the prospectus for the sale had told GE that they thought the business was over valued.
Revenues generated by the firm have varied considerably from year to year. In GE’s 2018 Geotechnical Services File is reported revenues of £83M to take the top position in the league table after Van Elle failed to file its financial figures. Revenues reported by the company have varied from a low of £45M in 2015 up to a high of £90M in 2013.