Interserve PLC SALE OF ACCESS AND HARD SERVICES BUSINESS (6134C)
October 02 2018 - 1:00AM
UK Regulatory
TIDMIRV
RNS Number : 6134C
Interserve PLC
02 October 2018
2 October 2018
INTERSERVE COMPLETES SALE OF
ACCESS AND HARD SERVICES BUSINESS
International support services and construction group,
Interserve Plc ("Interserve"), is pleased to announce that it has
entered into an agreement to sell its Infrastructure and Industrial
access and hard services business (the "Business") to Enigma
Industrial Services Holdings Ltd via Interserve Industrial Services
Limited ("IISL") for cash consideration of approximately GBP3.6
million (with the potential for further cash consideration of GBP1
million subject to the Business achieving certain financing targets
for the financial years 2018 and 2019), (the "Transaction").
Together with the closure of IISL's power activities earlier
this year this concludes Interserve's exit from its industrial
contracting activities. The Business comprised Interserve's
provision of scaffolding services to housebuilders and other
contractors as well as its SIP (Scaffolding, Insulation &
Painting) services to large industrial sites. Scott Hardie will
continue to lead the Business as Managing Director.
For the year ended 31 December 2017, IISL reported an operating
loss of GBP4 million and had gross assets of GBP47.3 million. The
Transaction will result in a loss on disposal of circa GBP8.4
million. The sale proceeds will be used to reduce the Group's
indebtedness.
Debbie White, Chief Executive Officer at Interserve, said,
"We are pleased to announce the sale of the access and hard
services business as part of Interserve's strategy to focus on core
customer segments."
Ends
For more information contact:
Robin O'Kelly, Interserve +44 (0) 7786 702526
Legal identifier number: 549300MVYY4EZCRFHZ09
About Interserve
Interserve is one of the world's foremost support services and
construction companies. Everything we do is shaped by our core
values. We are a leader in innovative and sustainable outcomes for
our clients and a great place to work for our people. We offer
advice, design, construction, equipment, facilities management and
frontline public services. Headquartered in the UK and FTSE listed,
we have gross revenues of GBP3.7 billion and a workforce of circa
75,000 people worldwide.
Website: www.interserve.com
For Interserve news follow: @interservenews
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