Interserve is a multinational support services and construction company based in the UK, and headquartered in Reading, Berkshire. Interserve trades and operate in 40+ countries including the Middle East, where it provides on- and off-shore services to the oil and gas industry, civil engineering, construction, high-end refurbishment and facilities management.ref
Subsids: 2018 a/cs, p.201 Has holdcos in the Cayman Islands, Bermuda, Switzerland, Channel Islands, ... the usual suspects.
- Feb.13.2019: Interserve needs a plan B given the rebellion over its current plan. A sizeable number of shareholders are lining up to vote down their own demise. The board of Interserve, the large but ailing government contractor, knew it would struggle to persuade shareholders to vote for their own demise, which is an almost-accurate description of the proposed £480m debt-for-equity rescue in which the banks would take control and current investors would be diluted to just 2.5% ownership. Nils Pratley, The Guardian.
- Feb.05.2019: Interserve's lenders go head-to-head with Cabinet Office over rescue options. Public sector contractor employing 45,000 people in UK faces Carillion-style collapse over £800m debt. Rob Davies, The Guardian.
- Dec.90.2018: Interserve in rescue talks as Labour calls for ban on new contracts. Is in rescue talks with its bankers as it attempts to convince Whitehall and the City it is not the next Carillion. Interserve has a worldwide workforce of 75,000 people and provides construction, services and facilities management to the public and private sectors. Last year Interserve won a 5-year contract with the Department for Work & Pensions to provide mechanical, electrical and building maintenance. The firm will also provide services for cleaning, catering, waste disposal and destruction of confidential records to 700+ DWP buildings throughout the UK. This kind of deal is mirrored across the public sector for Interserve, including cleaning in hospitals and courts, catering in 700+ schools, plus a 5-year contract to provide building management services to the Foreign & Commonwealth Office. It is involved in a variety of public sector projects, with the firm recently announcing two contract wins to construct and maintain roads, including a £12m contract on the A63 in Hull and a £4m deal to upgrade the M271 Redbridge roundabout near Southampton Docks. Employed on numerous military bases including Ministry of Defence operations in the Falkland Islands since 1998, where it maintains pipelines providing fuel, and was also involved in the modernisation of RAF Brize Norton. Simon Goodley, The Guardian.
- Dec.08.2018: Mandarins line up rivals for Interserve contracts. Cabinet Office mandarins are believed to have sounded out Interserve’s rivals about the possibility of taking on some of the outsourcer’s work. Interserve is a significant govt supplier, with long-term deals for schools, hospitals and motorways. The cleaning and building company is heading for a debt-for-equity swap with its lenders as it creaks under debts of £650m. The swap could wipe out shareholders. John Collingridge, The Times.
- Apr.30.2018: ‘Unprecedented disruption’ pushes Interserve to £244m loss. Interserve has slumped £244 million into the red as the private sector provider of public services admitted to a host of crises in addition to the chaos created by the failure of its disastrous entry into building energy-from-waste facilities. Interserve is one of Britain’s largest providers of public services. Robert Lea, The times.
- Mar.21.2018: Interserve agrees refinancing deal to ease fears over its future. Shares rise almost 26% as govt contractor reaches agreement with lenders. The Cabinet Office insisted in January that the firm, which supplies a range of services to the govt in areas spanning health, education and defence, was not in a similar position to the collapsed construction company Carillion. (Linkback: outsourcing) Julia Kollewe, The Guardian.