Interserve provides services such as maintaining and cleaning schools, railway station and hospitals. The outsourcer’s failure, under the weight of £631 million of debts, will wipe out already-bloodied shareholders, including 16,500 retail investors, and has triggered uncertainty for its UK workforce. However, Interserve and its advisers raced through a quick sale to its lenders via the High Court, which allowed its operating subsidiaries to continue trading with customers and suppliers. Interserve provides services such as maintaining and cleaning schools, railway stations, Whitehall offices and hospitals. It has at least 50 live state contracts worth £2.1 billion, according to Tussell, a data analytics provider specialising in government contracting.
Source: The Times March 15, 2019 20:03 UTC