John Laing remains one of the biggest names in UK construction, although for the past decade or more it has been a client rather than contractor. Since selling its construction operations to O’Rourke for £1 in 2001, John Laing has acted as an investor in and manager of private finance infrastructure projects.
It currently owns and manages 44 infrastructure assets in 10 countries, with a total value of £781m.
John Laing originates and invests in greenfield infrastructure, and then actively manages its investments in projects through their construction phase. Once operational, it either continues to hold and manage its interests over the lifetime of the projects (usually up to 30 years) or sells its interests in the projects to secondary market investors (in which case, Laing typically retains an asset management role).
It competes against major construction and facilities management companies to win private finance infrastructure projects, but unlike its competitors (such as Balfour Beatty or Interserve, for example) it is free to put together different contracting teams on a bid-by-bid basis.
Owner Henderson Infrastructure is planning to raise £130m for the business to reinvest by selling a portion of its shareholding in John Laing.
As one of the UK's leading construction contractors throughout the 20th century, John Laing build the Severn Crossing, Sizewell nuclear power station, Coventry Cathedral and long stretches of the motorway network. It was also part of the contracting consortium that built the Channel Tunnel.
John Laing quit construction in 2001 after suffering huge losses on the Millennium Stadium project in Cardiff. The rump investment business de-listed from the Londonn Stock Exchange when it was taken private by Henderson in 2007.
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