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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Interserve | LSE:IRV | London | Ordinary Share | GB0001528156 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.30 | 5.795 | 6.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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October 02, 2018 02:00 ET (06:00 GMT)
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