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Vinci has said it will keep Taylor Woodrow in one piece after buying it for 拢74m, a deal that doubles the size of its UK operations.

The acquisition, which was completed on Tuesday, ends Taylor Wimpey鈥檚 involvement in British contracting and brings Vinci鈥檚 UK turnover to 拢1.4bn. It will not result in office closures, but a Vinci spokesperson could not confirm that there would be no job losses.

She said: 鈥淭hey are complementary businesses. The only difference is that Taylor Woodrow will report to Vinci.鈥�

Both companies have their head offices in Watford, and Taywood will continue to operate out of the same premises under Tim Peach, its managing director.

Vinci has 32 UK offices and 2,900 staff; Taywood has 1,700 employees across eight sites.

John Stanion, Vinci鈥檚 chairman and chief executive, said: 鈥淲e鈥檙e delighted to combine our two businesses into what we intend will become one of the most proficient construction groups in the UK.鈥�

It鈥檚 bloody great news. It allows us to concentrate on construction, so we feel like we鈥檝e had the shackles taken off

Taywood employee

Taywood staff were quick to express their relief at the deal, largely because Taylor Wimpey recently plunged 拢1.5bn into the red as a result of the housing downturn.

One senior employee said: 鈥淚t鈥檚 bloody great news. It allows us to concentrate on construction, so we feel like we鈥檝e had the shackles taken off. The message is we鈥檒l be left alone, provided we carry on making a profit 鈥� it鈥檚 music to our ears.鈥�

Another employee added: 鈥淚t鈥檚 great news that we鈥檒l be part of a construction company. Not only that, one of the biggest in the world.鈥�

According to a source close to the deal, the sale will not produce any cash for Taylor Wimpey because money transferred from the books of Taywood to Vinci will cancel out the sale price. 鈥淭his was all about letting

Taylor Wimpey focus on its housebuilding problems,鈥� he said.

There is an overlap between Vinci and Taywood in the rail, air, energy and facilities management markets, but the deal means Vinci will move into the 拢45bn 好色先生TV Schools for the Future arena. A source close to Vinci said it was still looking for acquisitions and was 鈥渧ery keen on the PPP market鈥�.