Laing鈥檚 last remaining contracting business, Holloway White Allom, was this week sold to a management buyout team.
The sale ends Laing鈥檚 154-year involvement in contracting, following the sale of Laing Construction to Ray O鈥橰ourke last year for 拢1.

The 拢5m deal for the niche contractor was signed late Tuesday night after more than a year of negotiations between Laing and the buyout team, led by Holloway White Allom managing director Bob Cole. The deal was backed by GLE Development Capital and Lloyds TSB.

Cole said: "It's a relief to have it finalised. We built our reputation under Laing ownership, now we move onto the next stage of our development."

The deal has dragged on because Laing management had been concentrating on selling the group鈥檚 property and housing businesses. Holloway White Allom had been part of Laing鈥檚 property arm but was not included in the sale

Now we move on to the next stage of our development

Bob Cole, Holloway White Allom

of the rest of the division to a Kier鈥揃ank of Scotland joint venture for 拢40m in April.

Negotiations between Cole and Laing management sped up after the group sold Laing Homes to Wimpey last month for 拢297m.

The management team is believed to have beaten off a bid from fellow niche contractor Killby & Gayford, which is based in London and has a turnover of about 拢60m.