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Arguably yes, but expectations for the price of Kier Living have already been marked down -- it was nominally on the books for around £180m and Davies put it up for sale at much less, maybe £120m, though it's not clear how much of the land he's already sold. Kier Living contributes a small amount to the overall group profit, so if he gets anything more than £100m (a bargain price, I imagine) it'll still make a massive dent in the debt, reducing it to around 50-60m for the group debt. I'll be happy with that. That level of debt seems very low for a business with turnover of £4.2bn and profits of around £90m without Kier Living (current profit is around £100m a year -- I've seen somewhere that KL contributes about £7m of that).
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