Amalgamated Facilities Management is working on a management buyout to make it independent of Garenne Construction.

AFM says an announcement is imminent.

The move follows liquidators being appointed to the parent company Garenne Construction Group over the weekend.

The Garenne Group has offices in Guernsey, Jersey and the UK and its website says it employs 950 people.

It's the parent company and provider of head office functions like HR, IT, and finance to a number of subsidiaries.

The MBO would move the full ownership of AFM in both Guernsey and Jersey away from the troubled Garenne Group.

The offshore facilities management company employs 320 people, and it says that the buyout will provide them with 'the stability they deserve.'

Another Garrene Group subsidiary, Camerons - one of Jersey's largest construction contractors - collapsed at the end of February. It blamed the impacts of the pandemic and Brexit.

 One of the appointed liquidators of Garrene Group, KPMG, is urging those with interests to contact them 'immediately'.