Gary leads the specialist construction & engineering offering at Schofield Sweeney and advises…View Profile View all
It has been a terrible past week for the construction industry and tens of thousands of employees, suppliers and shareholders following the news of Interserve’s collapse.
Following the shareholders rejection of a rescue plan on Friday 15 March 2019, Interserve, one of the British government’s biggest providers of public services, has now formally announced that it has entered into administration. This is an immense shock for the construction and engineering industry resonating that of Carillion’s recent liquidation.
Under a pre-arranged agreement, administrators EY were installed and the business along with its assets sold immediately to a new company controlled by Interserve's lenders.
Interserve has a large number of contracts with the public and private sector and whilst the board has assured that its operations will continue as normal, the decline into administration is likely to affect those that are employers, sub-contractors, partners, customers and those within Interserve’s wider supply chain, especially the construction industry.
Should you need any confidential advice regarding the effect of the Interserve’s administration on your business then please contact a member of the Construction and Engineering team or call us on 0113 849 4000.