6 May 2016 16:00
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Don't have an account? Click here to register.FRC launches probe into Grant Thornton's audits of Interserve
Thu, 11th Apr 2019 10:35
(Sharecast News) - The Financial Reporting Council has launched an investigation into Grant Thornton's audit of outsourcer Interserve's financial statements.The accounting regulator said on Thursday that the investigation will span the years ended 31 December 2015, 2016 and 2017.Interserve announced last month that it was going into administration after plans for a rescue fundraising were blocked by US hedge fund Coltrane, its largest shareholder.EY sold the business in a 'pre pack' deal to hedge funds and banks, allowing the company to continue trading and protecting its 45,000 UK employees.The company's chief executive Debbie White said at the time: "With a stronger financial platform in place, Interserve will be able to concentrate on delivering value for our customers. The group's transformation programme will continue, focused on improving our value propositions 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."Interserve is fundamentally a strong business and with a competitive financial platform in place we see significant opportunities ahead as a best-in-class partner to the public and private sector."The FRC is also investigating Grant Thornton over its audit of café chain Patisserie Valerie, which collapsed back in January.
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6 May 2016 12:12
Broker tips: Interserve, Shire, Man Group
(ShareCast News) - Numis has placed its rating and target price on Interserve 'under review' after the company highlighted contractual issues. Interserve said expectations for its UK construction division have taken a significant hit due to a further deterioration in its Glasgow energy from waste co
Read more6 May 2016 10:40
Numis places Interserve 'under review'
(ShareCast News) - Numis has placed its rating and target price on Interserve 'under review' after the company highlighted contractual issues. Interserve said expectations for its UK construction division have taken a significant hit due to a further deterioration in its Glasgow energy from waste co
Read more6 May 2016 07:44
Interserve to take £70m hit from Glasgow waste contract
(ShareCast News) - Interserve tumbled on Friday after saying expectations for its UK construction division have taken a significant hit due to a further deterioration in its Glasgow energy from waste contract. As a result of issues relating to the design, procurement and installation of the gasifica
Read more6 May 2016 07:21
BUZZ-Interserve: worst day in 13.5 yrs on exceptional H1 charge
** Interserve -21%, on track for worst day since late 2002 & top after British support services and construction company takes 70 mln stg H1 charge ** Co says has been hit by cost overruns and delays in a energy-from-waste contract in Glasgow; sees H1 & FY net debt 35 mln stg higher than pr
Read more6 May 2016 06:16
Interserve hit by Glasgow energy-from-waste contract problems
LONDON, May 6 (Reuters) - British support services and construction company Interserve plc said it had been hit by cost overruns and delays in a energy-from-waste contract in Glasgow, resulting in it taking a 70 million pound ($101 million) charge in its first half. The company said on Frid
Read more5 May 2016 10:18
Steven Dance stepping down from Interserve
(ShareCast News) - Support services and construction group Interserve announced on Thursday that Steven Dance - executive director and managing director of equipment services - was to retire. The FTSE 250 firm said that during his notice period, Dance will continue to support the group in a number o
Read more3 May 2016 15:16
3 May 2016 07:57
Interserve JV wins £46m water contract
(ShareCast News) - Interserve's joint venture with process engineering firm Doosan Enpure has been awarded a £46m contract by Northumbrian Water to upgrade the Horsley water treatment works in the Tyne Valley. During the 30-month contract, the FTSE 250 support services and construction group will bu
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