Interserve Plc (in Administration)
On 15 March 2019, Robert Hunter Kelly and Alan Michael Hudson were appointed as Joint Administrators of Interserve Plc, which is a listed holding company for the Interserve Group.
The appointment was the result of a decision by Interserve Plc’s Board of Directors, following the shareholders vote against the Deleveraging Plan. The Deleveraging Plan would have provided the Interserve Group with the required liquidity and headroom to continue to trade. Without additional liquidity, Interserve Plc was in default of its banking facilities and could not pay its debts as and when they fell due.
The directors of Interserve Plc therefore made the appointment in Court under the provisions of paragraph 12 of Schedule B1 to the Insolvency Act 1986. The shareholders were aware that the likely outcome of their actions in voting down the Deleveraging Plan would be the insolvency of Interserve Plc.
Sale of the business
Immediately following their appointment, the Joint Administrators completed a sale of the business and substantially all of the assets of Interserve Plc to a specially formed company, Montana 1 Limited, which will trade as Interserve Group Limited.
Full disclosure on the sale of the investments and assets of the Company to Interserve Group Limited is contained in the Joint Administrators' SIP 16 Report dated 21 March 2019, available below.
It is important to note that the rest of the Interserve Group is not in an insolvency process and is continuing to trade on a business as usual basis under a new holding company.
Queries in relation to ongoing trade should be directed to your usual contact within the Interserve Group.
Further information and documents regarding the Administration will be uploaded to this website.
Queries specifically relating to the Administration should be emailed to InterservePlcAdministration@uk.ey.com.
- Interserve Plc shareholder notice
- Joint Administrators' proposals - 21 March 2019
- Joint Administrators' SIP 16 Report – 21 March 2019
- Joint Administrators' Progress Report - 14 October 2019
- Notice of extension of the Administration to creditors -10 March 2020
- Joint Administrators' Progress Report - 8 April 2020