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Industrial access and hard services business sold by Interserve

03 October 2018

Enigma Industrial Services Holdings has agreed to purchase the Interserve industrial access and hard services division for £3.6m.

Following the closure of its Industrial Services division earlier this year, the sale completes the Interserve exit from the provision of industrial contracting operations.

The industrial access business is a provider of scaffolding to housebuilding companies, in addition to scaffolding, insulation and painting services to large industrial sites.

It was previously part of the company's FM division and was sold as part of the its ongoing refocusing exercise in the drive to return to profitable operational status.

The proceeds of the sale will go towards reducing the Interserve level of debt, which attracted the attention of the UK national media following the demise of Carillion earlier this year.

Managing director Scott Hardie will continue in his role within the industrial access and hard services business, according to the Construction Enquirer.

An additional £1m could be paid by Enigma Industrial Services if its new acquisition reaches "certain targets", the report said.

Interserve Industrial Services reported operating losses of £4m at the close of 2017, with gross assets of £47.3m.

The Construction Enquirer further reported that the sale will result in a loss on disposal of £8.4m for Interserve.

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