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New company now running Interserve business

18 March 2019

Following its entering into administration at the end of last week, the Interserve business has now been transferred to a new company owned by its lenders.

With the exercise described as a 'pre-pack administration', the pre-arranged deal seems to have been completed on an almost immediate basis.

Although this appears to have avoided a 'Carillion-style collapse', news reports in the national media continue to question the long-term prospects of the new arrangement.

The company has continued to stated that it is "business as usual" for its contract delivery, employees and supply chain, as it seeks to reassure all those involved.

In its last update on Friday evening, the company stated that its ownership had been transferred to Interserve Group in what was described as a "deleveraging transaction".

Companies contracted by the former Interserve plc need to apply to administrator Ernst & Young to become creditors, according to national media reports, with comments also stating that the impact on subcontractors remains unclear at present.

It is hoped that the effective collapse of the main Interserve business will not have the same effect as the demise of Carillion last year, which saw many members of its supply chain go out of business due to the level of debt it had accrued with its supply chain.

Chief executive Debbie White said that Interserve Group will continue its transformation exercises "focused on improving our value proposition for customers, standardising our operational delivery, making Interserve simpler and more efficient through our Fit for Growth initiatives, and embedding a culture of ownership and openness throughout the group".

She further stated that the company is "fundamentally a strong business with a competitive financial platform" and opportunities in both the public and private sectors were available.

Cancellation of the company's shares from the Official List of the Financial Conduct Authority has been requested, which were suspended on Friday.


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