Kept getting worse10 Dec 2018 09:35
Interserve, which maintains eight out of 10 of Britain's busiest railway stations and cleans 2,490 London Underground carriages every evening, warned in November that its debt would rise more than expected this year.
It said then that it expected year-end net debt in the range of 625 million pounds to 650 million pounds ($795- $830 million), citing project delays and a weak construction market.
The Guardian reported over the weekend that the opposition Labour Party was calling for a temporary ban on the company bidding for public contracts.
Another peer, Kier Group, which builds and maintains highways, railway tunnels and houses, announced a surprise plan two weeks ago to tap shareholders for some 264 million pounds, blaming the reluctance of banks to lend to the construction sector after the collapse of Carillion.