Kier has sold its Fleet and Passenger Services (FPS) for £17.9 million.

The service was offloaded to a management buy-out (MBO) funded by private equity investor Endless.

FPS developed an efficient fleet management and funding model due to its extensive knowledge, experience and scale in the supply of specialised vehicles.

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The newly formed company will now trade as Essential Fleet Services, entering into a five year agreement to provide Kier with fleet services to its local authority highways and utility businesses.

Managing Director Ray O'Toole and Operations Director David Liston led the MBO of the £43 million turnover company.

Mr O'Toole said: "This is a really exciting time for our company and for our people and we are delighted to have Endless as our new partner."

(LM)