In a statement Jarvis said that following
negotiations with secured lenders, it had become clear that there was
insufficient support for the company to continue trading.
negotiations with secured lenders, it had become clear that there was
insufficient support for the company to continue trading.
Last monthJarvis said it expected to end the
financial year with losses of around £8 million, including £3 million
restructuring costs.
financial year with losses of around £8 million, including £3 million
restructuring costs.
Jarvis' railfreight subsidiary Fastline has a
contract with electricity company E.on to move coal from ports to power
stations in central England until December 2015. Fastline had closed
its intermodal operation in March 2009 due to the recession.
contract with electricity company E.on to move coal from ports to power
stations in central England until December 2015. Fastline had closed
its intermodal operation in March 2009 due to the recession.
The Jarvis Rail engineering business recently won a £55 million
contract to upgrade part of the Chiltern main line, but the company
admitted last year that the reduction in renewals by infrastructure
manager Network Rail had hit its revenues hard.
Photo: Jarvis railfreight subsidiary Fastline has been successful in securing a share of Britain's lucrative coal market in recent years.
