Redstone pulls out of Birmingham’s BSF programme
publication date: Oct 1, 2010
Redstone is pulling out of Birmingham's BSF programme after agreeing to novate its interest in its BSF ICT contracts to Bovis Lend Lease (BLL). The novation will be completed for a cash consideration of £2m together with an accelerated payment for invoiced and invoiceable debtor balances of approximately £1.9m, resulting in a net cash inflow of £4.2m to Redstone.
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