35 Facts About Interserve

Interserve is a British construction and support services business based in Reading, Berkshire, which went into administration in 2019 and which is expected to be wound up in 2024.

Interserve was forced to restructure and refinance in March 2018.

In March 2021, Interserve resurrected the Tilbury Douglas brand for its construction and engineering services businesses.

Interserve plc was formally wound-up in the High Court in January 2022.

Interserve changed its name several times, eventually operating for 56 years as Tilbury Contracting and Dredging Company Limited from 1908.

Related searches

On 2 May 2006 Interserve acquired MacLellan, another support services business for £118m.

Interserve was forced to delay the official publication of its interim results to investors, so as "to verify the adjustment needed" as it sought to reconcile the misstatements.

In 2008 Interserve expanded into markets in Abu Dhabi and Northern Europe.

Interserve announced in November 2010 that it had acquired the US formwork and shoring business CMC Construction Services in a deal worth £22 million.

However, after conducting due diligence on the consulting group, Interserve reduced its indicative offer to a reported £151m, or 135p per share, and this was rejected.

Interserve did not progress the bid and no formal offer was tabled.

In October 2014, Interserve benefitted from the UK Government's privatisation of the probation sector, securing contracts to run criminal justice services in five areas.

On 14 September 2017, Interserve reported additional costs associated with quitting the energy-from-waste sector.

On 14 December 2017, it was reported that Interserve had secured £180m in short-term funding from its banks and had pushed back the test date for compliance with loan covenants to March 2018.

Interserve appointed a rescue specialist, Scott Millar, as chief restructuring officer.

On 10 January 2018, Interserve warned that its debt was set to rise above £513m at the year-end due to redundancy costs and cash outflows from its legacy EfW projects.

Three days later, Interserve was said to be struggling to agree a debt refinancing deal because Carillion's liquidation had spooked lenders; Interserve denied the talks had stumbled.

On 21 March 2018 Interserve announced it had agreed commercial terms with its main bankers for extra cash facilities of £197m and fresh bonding facilities up to £95m.

On 31 May, the operator of the Glasgow EfW scheme claimed Interserve owed £69m in additional costs; in November 2018, Viridor said it expected to receive at least £64m from Interserve.

Legacy EfW contracts dragged results down, but Interserve aimed to complete and hand over problem EfW contracts by the end of 2018 .

On 7 December 2018, Interserve was reported - for the second time in 2018 - to be in rescue refinancing talks, with banks and other debt holders preparing to incur losses in a debt-for-equity swap that would see public shareholders virtually wiped out.

On 27 February, Interserve announced its financial results for the year to 31 December 2018, recording a pre-tax loss of £111.

However, the Interserve board rejected this proposal, while lenders lined up a precautionary 'pre-pack administration' that would wipe out existing shareholders but keep Interserve operating if the deleveraging plan was not approved.

Interserve's board confirmed it had applied for the parent company to be placed into administration, and said it was pursuing the pre-pack option.

EfW client Viridor repeated its claim that, despite the administration, the still operating Interserve Construction owed £64m for work on its Glasgow plant; in November 2019, Viridor issued arbitration proceedings to reclaim £72m.

Related searches

Interserve announced that Mark Whiteling, chief financial officer since September 2017, would be leaving the company; and a dispute with Sandwell MBC over allegedly defective Interserve-built school buildings was reported.

In November 2019, Interserve announced an operational restructuring of the business; as a result, CEO Debbie White would leave the business, with CFO Mark Morris assuming some of her responsibilities.

The deal, cleared by competition authorities in November 2020, had to be ratified by Mitie's shareholders and was expected to be completed by the end of November 2020, leaving Interserve focused on three remaining divisions: Interserve Construction, RMD Kwikform, and its Citizen Services group of businesses.

On 2 March 2021, Interserve announced it was rebranding its construction and engineering services businesses, resurrecting the Tilbury Douglas name.

Interserve plc was officially wound up at the High Court on 21 January 2022, closing the administration process, though some outstanding issues relating to Interserve plc's stake in a Qatari business remained to be resolved, as did calculation of how much the company owed to HMRC.

In December 2020, Interserve was predominantly a construction group, offering advice, design, construction and equipment services for infrastructure in the United Kingdom and worldwide.

Interserve was a constituent of the FTSE4Good Index, designed to objectively measure the performance of companies that meet globally recognised corporate responsibility standards.

Interserve joined the International Integrated Reporting Council worldwide pilot programme, comprising 85 companies, which sought to develop a reporting system that communicates how an organisation's strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term.

Interserve was accredited with compliance to the following International Organization for Standardization standards:.

Interserve was a member of Constructing Excellence, The Business Services Association and Build UK.