French construction firm Vinci SA has bought British builder Haymills Group in a "prepack" administration deal, administrator PricewaterhouseCoopers said on Thursday, Reuters reported. The privately-owned company was put up for sale after facing difficulties meeting its financial obligations and incurring losses from a Gibraltar subsidiary, PwC's Stephen Oldfield said. Vinci's acquisition of Haymills was a "prime example of when a prepack sale can be the best option", PwC's Oldfield said. "In this case, as this is a contracting company, any attempt to sell this type of business after an administration appointment is fraught with legal and operational difficulties which would have likely caused the business to collapse," he said. Read more.
