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Interserve sells scaffolding, industrial business for £3.6m

Tue, 02nd Oct 2018 10:40

(Sharecast News) - Support services and construction group Interserve said it was selling Infrastructure and Industrial access and hard services business (IISL) to Enigma Industrial Services Holdings for £3.6m in cash, but at a loss of £8.4m.Interserve said there was the potential for a further £1m subject to IISL achieving certain financing targets for the financial years 2018 and 2019. The sale concludes Interserve's exit from its industrial contracting activities. IISL provisided scaffolding to housebuilders and other contractors as well as its insulation and painting services to large industrial sites.For the year ended 31 December 2017, IISL reported an operating loss of £4m and had gross assets of £47.3m. The Transaction will result in a loss on disposal of £8.4m. The sale proceeds will be used to reduce the group's debt.