Interserve

The Interserve shareholder that called for the removal of directors from the company’s Board has issued a new plan to rescue the firm from administration. New York hedge fund Coltrane Asset Management, Interserve’s biggest shareholder, has tabled an alternative proposal that would l

Interserve has reported a pre-tax loss of £111.5 million for last year, improving on the £244.4m it lost in 2017. Results posted today by the troubled contractor show an improvement in underlying operating profit – up 10% from £84.5m in 2017 to £92.7m in 2018 – on

Interserve has announced the departure of executive director Dougie Sutherland a week after a shareholder demanded the removal of a number of Board members. Mr Sutherland, who was managing director of the company’s development division, will be leaving the executive team on February 28 and ste

Interserve has agreed principles of a debt for equity rescue deal with its lenders, the firm announced this morning. The deleveraging plan involves the issuing of £480 million worth of new shares and transferring £350m of existing debt to Interserve’s RMD Kwikform business, wh

Interserve has handed over the first of four energy-from-waste plants since the contractor made the decision to quit the sector. The renewable energy plant in Dunbar, delivered with project partner Babcock & Wilcox, has now been handed over to Viridor.

Interserve is to consider a request by its lenders to take control of its RMD Kwikform business as part of a deal to ease the group’s debt. In a progress report on its deleveraging plan to the Stock Exchange this morning, Interserve said it continues to be in “constructive discussions&rd

Interserve has merged its Citizens Services division with its Support Services division in a move which will see a managing director depart at the end of the month. Citizens Services, which embraces justice, Interserve Learning and Employment and Interserve Healthcare, has merged with Support Servic

Shares in Interserve more than halved this morning after the outsourcer revealed it was in negotiations with its lenders to deleverage its balance sheet. It emerged over the weekend that the company was holding talks with lenders over its £650 million debt pile.

The client which removed Interserve from a contract to deliver an energy from waste plant in Glasgow has said that it still expects to receive at least £64 million from the company for remedial works. Viridor’s parent company Pennon said in a trading statement today that completion of co

Interserve is to announce a deleveraging plan early next year to tackle the firm’s £650 million debt. In a trading statement covering third quarter performance this morning, chief executive officer Debbie White said the group has made “significant progress” in 2018 with stron

Shares at construction and outsourcing firm Interserve have fallen by more than 10% to their lowest level since over 30 years as concerns mounted over its finances. The company’s shares closed from 45.18p to a low of 39.03p last night, completing a decline of more than 90% in the past fiv

Interserve has agreed the sale of its industrial access and hard services business to Enigma Industrial Services Holdings Ltd for £3.6 million. The international support services and construction group revealed this morning it had entered into an agreement to sell its Interserve Industrial Services

International support services and construction group Interserve has renewed its partnership with Edinburgh Zoo to deliver facilities services worth over £2 million. The five-year account covers cleaning, security, park presentation, waste disposal and washroom services for the 82-acre site, which

Further work to improve the A737 moved a step closer this week with the decision by Transport Scotland to award the construction contract to Interserve as part of a £9 million project to realign a stretch of the key route. The A737 The Den Realignment will see the firm construct a one kilometre sec

Interserve is to merge its UK and International Construction divisions in a new “simplified structure” which will result in the exit of UK Construction boss Gordon Kew. Part of the firm’s ongoing cost-cutting and efficiency drive, the move will also see Interserve’s international facilities