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News » UK » Government buyers keeps faith with Interserve » published 20 Oct 2017

Government buyers keeps faith with Interserve

Despite its precarious finances, Interserve has landed a government support services contract worth £227m.

Interserve will provide the Department for Work & Pensions estate with building maintenance services for a five-year term. Services range from mechanical & electrical work and runnign the catering to emptying bins and shredding sensitive files.

The DWP estate to be looked after comprises approximately 1.3 million square metres of space in more than 700 buildings throughout the UK.

The contract is part of a new ‘integrator’ model being adopted by the DWP, with Sodexo as integrator. It replaces the DWP’s existing private finance initiative contract, which ends on 31st March 2018.  

Interserve chief executive Debbie White, who joined the company from Sodexo last month, said: “Our goal is to deliver a seamless transition to providing facilities management services to the department. We understand the needs of the DWP to provide a safe, effective, compliant and accessible space for their employees and customers and we look forward to continuing to support the DWP in delivering a cost effective and efficient service.”

Yesterday Interserve revealed that it faced ‘a realistic prospect’ of breaching its financial covenants and was in talks with banks about its turnaround plans. The share price fell from 90p to 65p during the day, a 28% fall. Back in February Interserve shares were trading at 352p.

 

 

 

 

 

MPU

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This article was published on 20 Oct 2017 (last updated on 23 Oct 2017).

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