Alfred McAlpine is splitting from its strategic property consultancy Alba, two years after buying it as part of the £85m acquisition of facilities management firm Stiell.
Alba’s founder and chief executive Ed Smyth will take the business independent, with up to five of Alba’s staff.
Smyth, who made a £20m fortune from Stiell’s acquisition and owns more than 1m Alfred McAlpine shares, said: “I was always going to leave after two years. I had made £20m, so why would I continue working with a contractor?”
Earlier this year, Alba won a property management contract from Royal & SunAlliance after the insurer dropped plans for a full property outsourcing deal.
*Kier has pulled out of the bidding for the 1m sq ft (92,900 sq m) Driver & Vehicle Licensing Agency property outsourcing contract blaming “changes in the profile of the project” between the invitation to bid and invitation to negotiate stages.
Land Securities Trillium, Mapeley, Interserve and Amey are still bidding.
References: EGi News 28/05/04
