Lenders to crisis-hit Interserve hire advisers after profit alert
Lenders to Interserve called in advisers as fears grow over the firm’s finances.
A group of high street banks, including HSBC Holdings and Royal Bank of Scotland Group, hired Ernst & Young last week in the wake of a profit warning from Interserve in September.
Interserve saw shares half, when it blamed economic uncertainty and weak government spending for downgraded profit expectations. Its chief executive and finance director have both left the company in the past year.
The news prompted Interserve to issue a statement this morning saying that it would be making an announcement shortly.
A spokesman 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 expected in the coming days.”
The news will be of grave concern to the CPA members who are in the Interserve supply chain. If you are a supplier of theirs you will want to review their current credit policy and limits and look at what unpaid invoices you have on their account.
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