Is Interserve a PLC?

Is Interserve a PLC?

In March 2021, Interserve resurrected the Tilbury Douglas brand for its construction and engineering services businesses….Interserve.

Type	Limited company
Predecessor	Interserve plc Tilbury Douglas plc Tilbury Group plc R M Douglas Holdings
Founded	1884
Headquarters	Reading, Berkshire , United Kingdom
Area served	Worldwide

Who owns Interserve PLC?

Mitie Group Plc
The FM business was acquired by Mitie Group Plc in November 2020. Interserve is now made up of our market-leading Tilbury Douglas business, our global equipment services business RMD Kwikform and a justice business that delivers excellent services through five Community Rehabilitation Companies.

What happened to Interserve?

Control of one of Britain’s biggest government contractors, Interserve, has moved to a new company after administrators were appointed. It meant that Interserve could avoid a Carillion-style collapse. However, investors have seen the value of their shares wiped out under the financial restructuring.

Who bought Interserve?

Mitie
After revising the terms of the deal last month, Mitie has acquired the Interserve division on a cash free and debt free basis for consideration of £120m in cash and approximately 248 million shares in Mitie. The share element of the agreement now represents about 17.5 per cent of the enlarged group share capital.

What went wrong at Interserve?

This cash outlay on interest, dividends and the pension deficit was simply too much. In 2017 the dividend was suspended, but it was too little too late. Interserve’s cash income could not match its cash outgoings and so debt was used to plug the gap, leaving it with an insane £800 million debt pile by 2018.

Did mitie buy Interserve?

Mitie has today completed its acquisition of Interserve Facilities Management, combining forces to become the biggest FM operator in the UK. Phil Bentley, Chief Executive, Mitie, said: “I want to extend a warm welcome to all the new colleagues and clients who are joining Mitie today.

Did Mitie buy Interserve?

Will interserve survive?

Interserve finally succumbed to its debt burden in 2019 and lenders took control through a pre-pack administration. Interserve construction’s owners, staff and suppliers will keep their fingers crossed that it can be.

How much are Interserve shares worth?

Intraday Interserve Chart

Bid Price	Offer Price
5.795	6.30

When did interserve go into administration?

15 March 2019
In its last set of filed accounts for 2018, Interserve valued the stake at £2.7m. Interserve PLC was placed into administration on 15 March 2019 after shareholders voted down a deleveraging plan, resulting in its subsidiary companies being sold to the group’s lenders in a pre-pack administration.

When did Mitie take over interserve?

Mitie’s Acquisition Of Interserve Will Be A Step Forward For The Digitization Of The UK Facilities Services Sector. On December 1, 2020, UK-headquartered Mitie announced that it had completed the acquisition of Interserve’s facilities management business for £120 million in cash.

What is the Interserve company?

Interserve is a British multinational group of construction companies based in the UK. Before going into administration in 2019, the group generated revenue of £2.7 billion and had a workforce of 68,000 people worldwide in 2018. Its headquarters are in Reading, Berkshire.

When did Tilbury become Interserve plc?

The company was founded in 1884 as The London and Tilbury Lighterage Company Limited, and retained the Tilbury name until 2001. From 1991 it was known as Tilbury Douglas following a merger with RM Douglas, but in 2001 rebranded as Interserve plc.

Is Interserve owned by MITIE?

Interserve’s facilities management business was sold to Mitie in a deal completed on 1 December 2020. In March 2021, Interserve resurrected the Tilbury Douglas brand for its construction and engineering services businesses.

Who is the new director of Interserve?

In August 2019, Interserve appointed Ken Hanna as a non-executive director of its board and RMD Kwikform chairman.