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Industry & services

Grant Thornton to face probe into audits of failed contractor Interserve

Accountant is already under investigation for work at Patissrie Valerie over the same period...

on 11/4/19
Industry & services

Interserve awarded £660mln in public contracts in lead up to collapse, says union

Mitie has reportedly approached Interserve's administrators to express interest in buying the outsourcer's support services arm for between £100mln and £150mln...

on 18/3/19
Industry & services

Interserve to enter administration after shareholders reject rescue plan

Failure to gain support for the restructuring plan means Interserve is likely to apply for a pre-pack insolvency administration...

on 15/3/19
Industry & services

Struggling outsourcer Interserve faces crucial vote on rescue deal

Interserve been trying to persuade shareholders to vote in favour of a deal that would see lenders write off their debt in exchange for equity from retail investors....

on 15/3/19
Industry & services

Interserve's largest shareholder reportedly floats prospect of takeover bid ahead of rescue deal vote

Coltrane, which holds a 27.7% stake in Interserve, also urged EY against a pre-pack insolvency deal that would hand lenders control of the business...

on 12/3/19
Industry & services

Interserve and Kier in strife as collapse of rival Carillion continues to weigh on industry sentiment

Interserve is urging shareholders to back a rescue deal while Kier has admitted an accounting error that pushed up its debt for 2018 following a disappointing rights issue ...

on 11/3/19
Industry & services

Interserve’s confirms largest shareholder proposed new terms for its rescue restructuring but says its plan the only way forward

Coltrane Asset Management has suggested a new deal, according to CityAM, which involves issuing at least £110mln of new Interserve shares, to be offered to shareholders pro rata and underwritten by the hedge fund...

on 5/3/19
Industry & services

Interserve sweetens terms of rescue package as it looks to win over angry shareholders

Interserve has been forced to act after a third of shareholders, including Coltrane, fiercely opposed the first deal, putting Interserve’s recovery plan in jeopardy and risking a Carillion-style collapse...

on 27/2/19
Industry & services

US short-seller throws spanner into Interserve's rescue plans

Lenders have agreed to swap £480mln of debt into equity ...

on 6/2/19
Industry & services

Interserve agrees key terms of rescue deal as it tries to avoid same fate as Carillion

Interserve is also considering placing its building materials business, RMD Kwikform, in a separate holding company owned by the lenders....

on 21/12/18
Industry & services

Interserve says shareholders could see a “material dilution” from deleveraging plans

Interserve said: “Although the form of the deleveraging plan remains to be finalised, it is likely to involve the conversion of a substantial proportion of the group's external borrowings into new equity, an element of which may be sold to existing shareholders and potentially other investors”...

on 10/12/18
Retail & consumer

Liberum Capital places ‘buy’ rating, 1,400p price target for Kier Group ‘under review’ following £264mln cash call

The Liberum analysts noted that Kier’s management believe the external environment has changed recently - partly as a result of Brexit - and banks, suppliers, customers and bondsmen all want the firm to have lower leverage...

on 3/12/18
Industry & services

Interserve's target price cut by Liberum on continued debt concerns

Liberum analysts are also concerned that Interserve has US$350mln of unhedged US private placement loans, which can put material pressure on its flagging shares...

on 23/11/18
Industry & services

Interserve to unveil debt reduction plan next year, energy from waste saga drags on

Since CEO Debbie White joined Interserve in September 2017 to turn the company around its share price has tumbled from around 170p to close to 35p today...

on 23/11/18
Industry & services

Interserve moves to reassure investors as ex-shareholder claims it ‘could be next Carillion’

The “large”, unnamed ex-shareholder told the BBC that he wasn’t sure Interserve could survive much longer without a fresh injection of cash, which he doesn’t think will be forthcoming...

on 13/11/18
Industry & services

Interserve exits industrial contracting sector following disposal

The outsourcer said it could potentially earn a further £1mln from the deal if certain financing targets are met in 2018 and 2019...

on 2/10/18
Industry & services

Interserve-led consortium secures contract win for £105mln Durham University project

Interserve will be responsible for designing and building new college facilities at Durham University...

on 17/8/18
Industry & services

Interserve cheap, but not cheap enough, says Liberum

Liberum analysts reckon a rights issue is needed to recapitalise the business, which swung to a loss in the first six months of 2018...

on 15/8/18
Industry & services

Interserve swings to first-half loss as it undergoes major restructuring

Interserve said the collapse of outsourcer Carillion earlier this year had a “significant impact” on the market...

on 7/8/18
Industry & services

Interserve faces regulatory probe into energy from waste exit

Shares crashed by a third on the news of higher costs to exit energy from waste...

on 11/5/18
Industry & services

Liberum downgrades Interserve as risks start to outweigh rewards

The broker said not much had been left for equity holders after the embattled construction and support services provider saw its losses soar in 2017 to £244mln...

on 9/5/18
Industry & services

Interserve losses soar as new boss takes hard look at contracts

Troubied contractor and outsourcer signed off a £834mln refinancing last week ...

on 30/4/18
Industry & services

Interserve signs refinancing deal with its lenders, bond providers, and pension scheme trustees

Interserve, which warned in October that it may breach covenants, said the new lending will provide cash facilities of £196mln and bonding facilities of up to £94.5mln...

on 27/4/18
Industry & services

Interserve shares slide as it seeks increased borrowing limit amid expectations of “significant” write-downs

The company said it had called a general meeting on April 27 to secure the approval and to ratify any existing breaches of its borrowing limit...

on 11/4/18

Pennon to be hit by higher costs resulting from contract dispute with Interserve

Pennon said it is well-placed to respond to new price limits proposed by water regulator Ofwat...

on 26/3/18