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Interserve lenders call in financial advisors

Money

Advisors have been brought in to assess the finances of Interserve by the firm’s lenders.

HSBC and Royal Bank of Scotland enlisted accountant EY to act as financial advisors, it was reported this weekend.

The firm released a statement this morning which said: “Interserve confirms that it is engaged in constructive and ongoing discussions with its lenders.

“Work is underway to provide greater clarity on Interserve’s current trading and energy from waste provision, provided in the 14 September update announcement.”

A further announcement is expecting in coming days, the statement added.

A profit warning hit Interserve’s share price last month after “disappointing” trading in July and August. The company said the costs of exiting the energy from waste business would be significantly more than anticipated and its performance for the year will be “significantly” below the board’s previous expectations.

 

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