Jarvis plc
 | |
| Company type | Public (LSE: JRVS)(soon to be delisted, due to administration). |
|---|---|
| Industry | Rail |
| Founded | 1846 |
| Headquarters | York, England |
Key people | Steven Norris, Chairman Richard W. Entwistle, CEO John P. O'Kane, Finance Director |
| Revenue | £321.9 million (2008) |
| £9.2 million (2008) | |
| £9.7 million (2008) | |
Number of employees | 3,881 (2008) |
| Website | http://www.jarvisplc.com |
Jarvis plc (LSE: JRVS) is a British company that provides support services to the British railway industry. It also runs rail freight operations.[1] The most significant feature of the modern firm, is its leading share of the UK’s railway maintenance and infrastructure services and it's PFI commitments.[1]
History
1846 to 1990
The company was founded in 1846 as the Jarvis Construction Company.[1]
The 1990s
The firm saw a profitable new niche in the fledgling Private Finance Initiative (PFI) sector, when it set up in 1992 to encourage the building and management of public sector facilities by private sector companies with a planned fiscal low risk factor.[1] It’s leadership was taken over by industry veteran Paris Maoyedi in 1994.[1] In 1994 Paris Maoyedi was appointed Chief Executive[2] and refocused the business on infrastructure maintenance and renewal.
The Company acquired the Northern Infrastructure Maintenance Company, a rail maintenance business, in 1996.[3] It went on to buy Fastline in 2008,[3] a rail freight business, and Relayfast,[3] a rail engineering business, in 1997. In 1998 it entered the road and airport maintenance business by acquiring Streamline Holdings.[1][4] The Labour Government employed them in London rail transport infrastructure projects during the late 1990s. The new government of Tony Blair created the fiscal phenomena called PFI on London Underground maintenance, building schools, building hospitals and Network Rail infrastructure projects during the late 1990s.[1] [5] Balfour Beatty and Jarvis got heavily involved in such contracts. Jarvis also began to enter the European roads business to.[5]
21st century
During the early 2000s Jarvis entered in to more building contracts, such as community day care facilities,[6] a south London youth club, offices,[6] fire stations,[6] further railway maintenance contracts.[7][5][1]
Jarvis Accommodation Services (JAS) was the PFI business sector that by then covered everything ranging from a British Antarctic Survey base, a National Express bus depot, schools, a Croydon youth club. and a army base.[6] They even won the £170 million contract for the design, construction, repair, and long-term management of the Ministry of Defence's Army Foundation College awarded in September 2000.[1][5] The European portfolio contained both road maintenance, and an airport amongst other things.[1]
In 2002 the Potters Bar rail crash was caused by points which the company had responsibility for maintaining; in 2004 the company accepted liability for the accident.[8]
Mr. Maoyedi resigned as chairman of the company in 2003 to be replaced by Steven Morris in 2004.[9]
The Company over-extended itself and in 2004 was forced to sell its PFI business to Vinci,[10] its European roads business to French company group Somaro[11] (part of the Bouygues group) and its stake in Tubelines to Ferrovial.[12]
Fastline Freight entered into the rail freight market in 2006 carry general goods, launched a bulk haulage service in 2008 and won a major contract coal hauling with E.ON UK plc (E.ON).[13][1]
The company also entered the vehicle hire business; with a fleet of 17,000 vans by 2010.[14]
The company won an UK rail maintenance contracts worth £91 million,[15] including the Chiltern Railways Evergreen 3 project and some track renewal work in the West Country. They were reportedly fiscal causing concern for Network Rail as they recently underbid for contracts and ‘low-balled’ the financial bidding process.
Administration
On 25 March 2010, the company announced that it was to enter administration, stating that: "Following negotiations with the company's secured lenders, it has today become clear that sufficient support will not be extended to the company to enable it to continue trading as a going concern."[16][17]
Operations
Jarvis's activities now include rail (rail renewal, track development, signaling), plant (on-track machinery) and Fastline (freight operations).
References
- ^ a b c d e f g h i j k fundinguniverse.com
- ^ The swift ascension of Jarvis
- ^ a b c Jarvis in talks to buy third rail business
- ^ Jarvis buys Streamline
- ^ a b c d Analysis: The rise and fall of Jarvis 25 March 2010, business.timesonline.co.uk
- ^ a b c d Facilities Management www.jarvis-uk.com
- ^ Jarvis www.jarvis.co.uk
- ^ Jarvis admits liability for Potters Bar crash Andrew Clark, The Guardian, 28 April 2004, www.guardian.co.uk
- ^ "Norris appointed Jarvis chairman". news.bbc.co.uk. 25 November 2003.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ Jarvis sells PFI unit to reduce debt mountain 14 October 2004, www.guardian.co.uk
- ^ "Jarvis sells European roads business". Building.co.uk.
- ^ "Jarvis sells Tube stake to Spain". BBC News.
- ^ Freight www.jarvis-uk.com
- ^ Fastline Transport - Vehicle Hire www.fastline-group.com
- ^ Jarvis Rail wins infrastructure work worth up to £91m Nick Whitten, 14 January 2010, www.cnplus.co.uk
- ^ "Jarvis to call in administrators". BBC News. 2010-03-25.
- ^ Rail Contractor Jarvis Calls In Administrators Hazel Tyldesley, 25 March 2010, news.sky.com
Further reading
- The Fall of Paris Mark Leftly , 'Building design online', 2005, issue 46, www.bdonline.co.uk, History of the company during the Paris Moayedi period.
External links
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