Interserve, the troubled support services group that went into administration on Friday evening, has announced that it is business as usual after completing the sale of the group.
The ‘alternative deleveraging transaction’ will restore the group’s balance sheet and provide additional liquidity. All companies in the group, other than the parent company will remain solvent, providing continuity of service for customers and suppliers.
The alternative transaction involves the equitization of approximately £485m of existing debt and the injection of £110m of additional liquidity to the group. This makes the existing PLC shareholder’ holding worthless.
It has emerged that outsources Mitie and Serco are looking to buy Interserve’s support services division, which turns over £1.7bn.
CEO of Interserve Debbie White said: “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,” she continued.
