Interserve, one of the biggest suppliers of services to the UK government, has unveiled an emergency rescue plan that hands control of the business to its banks. The group’s most profitable division – RMD Kwikform, a supplier to the construction industry – will be kept within the company after the Cabinet Office objected to a plan by banks to spin the business off. The rescue plan faces multiple obstacles - including final approval from banks and shareholders. Shares in Interserve rose 14 per cent after the news on Wednesday. The lenders will also offer an extra £75 million through a new debt facility that matures in 2022.

Source: The Irish Times February 06, 2019 15:00 UTC