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Interserve completes sale of the Group

International support services, construction and equipment services group, Interserve, has announced the appointment of Alan Hudson and Hunter Kelly of Ernst & Young LLP as administrators to Plc and the successful completion of the sale of the Group, other than Plc, to a newly incorporated company, Montana 1 Limited (which is in the process of being renamed as Interserve Group Limited) (“Interserve Group”). 

The sale of the Group completed on Friday 15 March immediately following the appointment of the administrators. In a statement, Interserve said “the transfer of ownership to Interserve Group enables a deleveraging of the Group to provide the business with a strengthened balance sheet and a more competitive financial structure to support its future growth”.

The deleveraging transaction is expected to complete shortly after the completion of the sale of the Group, and will involve the equitisation of approximately £485 million of existing debt and £110 million of additional liquidity. At completion, Interserve Group will be owned by the Group’s lenders.

Debbie White, Chief Executive Officer, Interserve Group 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.”

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