M25 sale brings in £62m

BALFOUR Beatty is to bank £62m by selling an extra 7.5pc stake in Connect Plus, the company which operates and maintains the M25.

It has an unconditional right to sell the stake to fund manager Dalmore Capital, which has already paid £103m for a 12.5pc stake. Balfour will make £32m profit, with proceeds being used to cut debt.