Less Ads, More Data, More Tools Register for FREE

Pin to quick picksInterserve Share News (IRV)

  • There is currently no data for IRV

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.

Related News

Interserve wins ?7.6m contract with Department for Education
9 Sep 2019

Interserve wins ?7.6m contract with Department for Education

(Sharecast News) - Outsourcer Interserve has won a £7.6m contract with the Department for Education (DfE) to design and build a special education...

FRC launches probe into Grant Thornton's audits of Interserve
11 Apr 2019

FRC launches probe into Grant Thornton's audits of Interserve

(Sharecast News) - The Financial Reporting Council has launched an investigation into Grant Thornton's audit of outsourcer Interserve's financial stat...

Interserve's support services arm attracts Mitie, Serco
18 Mar 2019

Interserve's support services arm attracts Mitie, Serco

(Sharecast News) - Mitie and Serco are among interested suitors for a single part of Interserve, after their fellow oursourcer called in the administr...

Interserve News

Interserve Refuses To Halt Deleveraging Plan After Coltrane's Request
5 Mar 2019

Interserve Refuses To Halt Deleveraging Plan After Coltrane's Request

LONDON (Alliance News) - Interserve PLC on Tuesday said a proposal received from Coltrane Asset Management LP would require it to immediately halt the...

Interserve Considers Updated Proposal From Coltrane Asset Management
4 Mar 2019

Interserve Considers Updated Proposal From Coltrane Asset Management

LONDON (Alliance News) - Interserve PLC on Monday said it is considering an updated proposal from Coltrane Asset Management LP.Shares in Interserve cl...

WINNERS & LOSERS SUMMARY: Ocado And M&S Top And Tail FTSE 100 After JV
27 Feb 2019

WINNERS & LOSERS SUMMARY: Ocado And M&S Top And Tail FTSE 100 After JV

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINN...

Interserve Loss Narrows On Costs Cut, Seeks Deleveraging Plan Approval
27 Feb 2019

Interserve Loss Narrows On Costs Cut, Seeks Deleveraging Plan Approval

LONDON (Alliance News) - Interserve PLC on Wednesday said cost reductions under its Fit for Growth restructuring plan helped to narrow its loss in 201...

Interserve seeks to win over investors with new rescue deal
27 Feb 2019

Interserve seeks to win over investors with new rescue deal

(Sharecast News) - Interserve, the troubled government contractor, has updated its proposed rescue package as it looks to win over investors and stave...

Interserve receives mystery 'proposal' from Coltrane
22 Feb 2019

Interserve receives mystery 'proposal' from Coltrane

(Sharecast News) - Interserve said it has received and is considering an "outline proposal" from major shareholder Coltrane Asset Management.

Interserve Remains Committed To Achieve Deleveraging Plan
22 Feb 2019

Interserve Remains Committed To Achieve Deleveraging Plan

LONDON (Alliance News) - Interserve PLC on Friday said it remains committed to achieving a consensual deleveraging plan as it received an outline prop...

PRESS: Interserve's Shareholder Deadlock Could Result In Liquidation
15 Feb 2019

PRESS: Interserve's Shareholder Deadlock Could Result In Liquidation

LONDON (Alliance News) - Interserve PLC's spat with its biggest shareholder over a debt-for-equity swap with lenders could potentially force the outs...