Homes and Property | Home PageJarvis drops out of universitySteve Hawkes|Evening Standard13 April 2012STRICKEN rail engineer Jarvis gave a small lift to shareholders today by finally completing the sale of the bidding and management arm of its University Partnership student accommodation business.The group, whose shares tumbled 19% yesterday after a bleak warning that it may run out of cash in January, said the sale was a key step in chief executive Alan Lovell's recovery programme.A spokesman said: 'This is further-evidence management is gettingon with the job.î Lovell joined two months ago and is frantically trying to secure a refinancing package with bankers.The sale of the bidding and management operation, to a joint venture between 3i and Barclays Private Equity, is believed to have generated a small amount of cash but will help bring costs down.Some 35 staff are transferring over with the business. The shares were firm today at 8 3/4p.MORE ABOUTBankingBarclaysInvestmentLoans And Lending MarketManagementMortgagesSales