INTERSERVE COMPLETES SALE OF ACCESS AND HARD SERVICES BUSINESS
International support services and construction group, Interserve Plc (“Interserve”), is pleased to announce that it has entered into an agreement to sell its Infrastructure and Industrial access and hard services business (the “Business”) to Enigma Industrial Services Holdings Ltd via Interserve Industrial Services Limited (“IISL”) for cash consideration of approximately £3.6 million payable upon completion of the transaction (with the potential for further cash consideration of £1 million subject to the Business achieving certain financing targets for the financial years 2018 and 2019), (the “Transaction”).
Together with the closure of IISL’s power activities earlier this year this concludes Interserve’s exit from its industrial contracting activities. The Business comprised Interserve’s provision of scaffolding services to housebuilders and other contractors as well as its SIP (Scaffolding, Insulation & Painting) services to large industrial sites. Scott Hardie will continue to lead the Business as Managing Director.
For the year ended 31 December 2017, IISL reported an operating loss of £4 million and had gross assets of £47.3 million. The Transaction will result in a loss on disposal of circa £8.4 million. The sale proceeds will be used to reduce the Group’s indebtedness.
Debbie White, Chief Executive Officer at Interserve, said,
“We are pleased to announce the sale of the access and hard services business as part of Interserve’s strategy to focus on core customer segments.”
Interserve is one of the world’s foremost support services and construction companies. Everything we do is shaped by our core values. We are a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. We are headquartered in the UK and FTSE-listed. We have gross revenues of £3.7 billion and a workforce of circa 75,000 people worldwide.