The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Interserve To Suffer Complete Loss Of Power

21 February 2018 | Updated 22 February 2018
 

ThisWeekinFM contacted Interserve on Wednesday Feb 21 morning when a spokesperson confirmed the closure of the company's power business.

The spokesperson said: “We can confirm we are undergoing an operational restructure within our industrial division.

"After careful consideration we have decided to close down our power business, as we look to consolidate and centralise our industrial portfolio.

"We are committed to completing all contracted works and anticipate the majority of projects will be complete by the end of June, 2018."

 

Redundancies and redeployment

The spokesperson continued: "All employees affected have been informed of the decision, with a consultation period running until early April. We are working internally to ensure as many people are redeployed within the business.”

Interserve's share price has been tumbling despite some strong contract wins. Shares fell again on Wednesday Feb 21 morning - down just over three points to 69.95. The company is said to be hugely in debt with CEO Debbie White looking to reduce costs and no profit making operations to steady a ship that some say is sailing in the same direction as Carillion.

 

The power game

Interserve has been delivering specialised services to the power transmission and distribution industry for over 90 years to network operators such as Northern Powergrid, Scottish Power Energy Networks, Siemens and the National Grid.

In the sector, Interserve claims an ability to provide the widest spectrum of self-delivered services and resources without the need for sub-contractors or third parties.

These service range from consultancy to project delivery, asset support and maintenance to refurbishment to end of life decommissioning. The company is responsible for EHV, tower and wood pole maintenance, design and installation of underground cable, and substation works up to and including 132kV.

 

Other services (presumably in association with other Interserve group companies)

  • Asbestos management and removal.

  • Painting.

  • Installation and civil engineering works.

  • Project management, including conditional assessment.

  • Repair and term maintenance of overhead powerlines.

  • Scaffolding.

  • Supply, manufacture and erection of steel towers and super structures.

  • Surveying.

  • Vegetation clearance and control.

  • Way-leaving and agreeing routes with third parties.

 

Picture: Interserve is to lose its power specific business

 

Article written by Brian Shillibeer | Published 21 February 2018

Share



Related Articles

Interserve To Rise Like A Phoenix From Ashes Of Fire Sale?

Administrators were appointed to Interserve Plc on Friday March 15 - within minutes, the entire Group's business and assets were sold to a newly incorporated company...

 Read Full Article
Interserve Shareholders Left With Almost Nothing After Rescue Plan Agreed

Interserve's latest plan to fend off creditors and ultimately a Carillion style collapse have been agreed in principle with all of the company's lenders, bonding...

 Read Full Article
Not Quite Out for The Count - Interserve Off The Canvas...Just!

Global FM and building firm, Interserve, saw its share value plummet yet again on the morning of December 10. Having fallen to 6p (from a 2014 position at 700p), they...

 Read Full Article
CMA Launches Investigation Into Interserve and Mitie Deal

The Competition and Markets Authority is investigating whether the deal between Interserve Support Services and Mitie might reduce competition in the FM sector. The...

 Read Full Article
Mitie Appoints Integration Director to Support Interserve Merger

Mitie has today announced that Karen Thomas-Bland will take up a newly created role as Programme Integration Director for Mitie’s merger with Interserve’s...

 Read Full Article
Funds from Rights Issue Expected To Support Interserve Acquisition, says Mitie

The acquisition of Interserve’s Facilities Management business is conditional on the approval of Mitie’s shareholders, and expected to be completed in or...

 Read Full Article
NAO Criticises Prison Maintenance Transformation Plan

The government is failing to provide and maintain safe, secure and decent prisons - and some of the blame falls at the decision to outsource to Carillion and...

 Read Full Article
Eco To Expand Franchise Footprint

Commercial contract cleaning provider Ecocleen, is targeting a number of acquisitions over the next 12 months to accelerate its expansion within the UK. The company...

 Read Full Article
Kier Komes Krashing Down

The Kier Group's shares have been plummeting in a style reminiscent of Carillion and Interserve - and on Monday June 17 things got worse as the construction and FM...

 Read Full Article
Interserve's £90m A Year Auditors Under FRC Investigation

The Financial Reporting Council (FRC) has commenced an investigation into the audit by Grant Thornton of the financial statements of Interserve Plc for the years ended 31...

 Read Full Article