Tilbury Douglas

The energy-from-waste plant from which Interserve was removed in November 2016 is now £95m over budget, with the client planning to recover costs from the terminated contractor.

Viridor’s Glasgow energy-from-waste scheme was initially budgeted at £155m. However, in a trading update today, Viridor parent company Pennon revealed the expected final cost was now £250m. It…

Interserve has announced it has reached an “agreement in principle” with its lenders and other financial stakeholders over its financing.

The troubled contractor revealed lenders had agreed to push the loan covenant test date back to 30 April in order to complete all the necessary paperwork on the deal.   Interserve…

Interserve could cut up to 1,000 jobs worldwide this year as part of its turnaround efforts, which have received a fresh boost after a new investor purchased up to a third of company’s debt.

Construction News understands that the company is still reviewing its restructuring plans for 2018 and the number of…

Interserve has dismissed reports that efforts to refinance its debt have run into difficulties.

The Telegraph reported on Saturday that Interserve was “struggling” to put together a refinancing deal after Carillion’s collapse “spooked its lenders”. Interserve has dismissed the report, with a company spokesperson stating: “We do not in any way recognise the…

An ex-Interserve employee has alleged a “culture of late payments” to subcontractors exists at the troubled contractor.

Speaking exclusively to Construction News, the insider claimed to be “sick of constantly chasing payment” owed to subcontractors during their time there and expressed fears the business was gaining a reputation as “bad payers”…

Interserve is closing down its power business as part of its restructuring efforts to boost profit.

The company said it plans to see out its remaining contracts in the power business with all operations completed by the end of June. The move is part of the company’s Fit For Growth initiative,…

Ministry of Justice minister Lucy Frazer has revealed that the department has contingency plans in place after Labour questioned preparations for the “possibility of the collapse of Interserve”.

Ms Frazer (pictured) was responding to a parliamentary question by shadow justice minister Richard Burgon. Mr Burgon asked if the MoJ had contingency…

Interserve has appointed Andy McDonald as the company’s general counsel and company secretary.

Mr McDonald will sit on the company’s executive board, which did not previously have a dedicated legal counsel member. He joins the company from Premier Foods, where he carried out a similar role for just over six years…

The Cabinet Office has sought to allay fears around Interserve by insisting that none of its suppliers are “in a comparable position to Carillion”.

Officials have spoken out after a report in the FT said the Cabinet Office has set up a team to monitor the FTSE250 firm’s financial health. The…

Interserve’s net debt will hit £513m for 2017 and is expected to grow further this year, a trading update from the firm has revealed.

The contractor’s statement to the market said the debt hike was due to a “significant outflow” connected to energy-from-waste work, exceptional costs and a “normalisation of trading…