Interserve in crucial funding talks with banks

Interserve in crucial funding talks with banks

Posted by Admin on 09 February 2018

Extracts from an article by Gill Plimmer and Martin Arnold for the Financial Times.

“Interserve, the British outsourcing company, has presented a rescue plan to banks in an attempt to secure fresh funding, with fears over its future raised by the demise of rival contractor Carillion.

Interserve, which cleans the London Underground and manages the Ministry of Defence’s estate in the UK, has already warned on profits and delayed a test on its banking debt covenants until the end of March. It has secured £180m of additional short-term funding until then.” […]

“In 2017, Interserve won 37 awards worth £394m, according to research by Tussell, a data company. The contracts included a new £227m deal to provide facilities management services to the DWP, announced a day after another profit warning in October.”

Read the full article on the Financial Times website.