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Interserve owed creditors in excess of £100m

Companies House filings show Interserve owed its creditors in excess of £100 million when it went into administration in March 2019.

In total, Interserve owed £55.4 million to its secured creditors and another £50.5 million to its unsecured creditors.

The largest debts were to Interserve’s auditor Grant Thornton (£675,662), computer giant Microsoft (£616,000), and accountancy firm PwC (£493,000).

The outsourcer went into administration having failed to persuade shareholders to approve a rescue plan for the company, which would have seen its equity being absorbed by its lenders.

UK audit watchdog, the Financial Reporting Council has commenced an investigation into the audit by Grant Thornton UK LLP of the financial statements of Interserve Plc for the years ended 31 December 2015, 2016 and 2017.

In March, Interserve 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 has now been renamed as Interserve Group Limited.

 

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