by Brian Bamford
DESPITE a deal with lenders on the principles of a debt for an equity rescue at INTERSERVE, a major shareholder has now called for a general meeting to dethrone several directors at Interserve, a major outsourcing company. Last December, Ben Chapman in the Independent, commenting on Interserve, wrote:
'The company has long had a close relationship with government and was a key contractor in post-war construction but it was in the 1990s privatisation and outsourcing boom that it morphed into the diversified beast that it is today.'
Coltrane Master Fund, which holds over 5% in the group, has now called for the general meeting with the aim of removing key directors: Glyn Barker, Mark Whiteling, Russell King, Anne Fahy, Nick Salmon, Gareth Edwards, Dougie Sutherland and Nicholas Pollard.
This is all rather worrying and reminisant of the Carillion melt-down, because a year ago after the collapse of Carillion, Construction Enquirer reported that:
'Beleaguered Interserve had some good news for the City this morning with confirmation of a five-year contract award worth £227m from the Department for Work and Pensions.
'Interserve will provide the DWP estate with mechanical, electrical and building maintenance.
'The company will also provide cleaning,
catering, waste disposal, removal and secure destruction of confidential
waste services to over 700 buildings throughout the UK, covering over
1.3 million square metres of space.'
White added: 'The board believes that this agreement will secure a strong future for Interserve.
'This proposal has been achieved following a long period of intensive negotiation and has the support of our financial stakeholders and Government.
'Its successful implementation is critical to the Interserve group’s future and all of its stakeholders.'
Watch this space!
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