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LoginBusiness Miscellaneous in Business 1 year ago
Interserve is a British multinational construction business based in Reading, Berkshire. Before going into administration in 2019, the group generated revenue of £2.7 billion and had a workforce of 68,000 people worldwide in 2018.
The company was founded in 1884 as the London and Tilbury Lighterage Company Limited, and retained the Tilbury name until 2001. From 1991 it was known as Tilbury Douglas following a merger with RM Douglas, but in 2001 rebranded as Interserve plc, also known as "ISG". The name change partly reflected a shift in focus during the 1990s towards maintenance and facilities management services sectors, and this continued in the 2000s, buoyed by further acquisitions.
However, financial issues including problem contracts in Interserve's energy-from-waste business led to profit warnings in 2017. The company was forced to restructure and refinance in March 2018. Its financial situation worsened in late 2018, and debt holders started discussing a further financial restructuring of the business. The debt-for-equity plan was rejected at an annual general meeting on 15 March 2019, and Interserve plc went into administration owing creditors over £100m. In a pre-pack deal, the rest of the group was immediately sold to a newly incorporated company owned by lenders, Interserve Group Ltd, with a break-up of the company expected to follow.
Interserve's facilities management business was sold to Mitie in a deal completed on 1 December 2020. In March 2021, Interserve resurrected the Tilbury Douglas brand for its construction and engineering services businesses. Interserve's other remaining division, RMD Kwikform, was sold in October 2021 to a French group, Altrad.
referenceFull Form | Category |
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Income Rate And Value | Business |
Interserve | Business |
Insurance Replacement Value | Business |
Internal Read Visibility | Computing |
International Reference Version | General |
In room vending | General |
Inverse Ratio Ventilation | General |
Inter Range Vector | General |
Instantaneous Rotation Vector | General |
In Realitum Vitae | General |
Income Rate Value | General |
Instant Response Vehicle | General |
Integrated Research Vehicle | General |
Internal Reinsurance Vehicle | General |
Intelligent Rear View | General |
Improved Recovery Vehicle | Governmental |
Improved Inter-Range Vector | Governmental |
Instant Runoff Voting | Governmental |
Insightful Recreational Vehicle | Governmental |
Incident Response Vehicle | Governmental |
Isotope Reentry Vehicle | Governmental |
Immediate Response Vehicle | Governmental |
Inspiratory Reserve Volume | Medical |
Ideal Resting Value | Medical |
Posted on 27 Sep 2024, this text provides information on Business related to Miscellaneous in Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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