Interserve crisis: ahead of Friday's crucial vote, will shareholders vote to rescue the contractor?

By Dave Rogers2019-03-12T13:02:00

As Interserve’s financial woes start to undermine its ability to win work, the firm’s future hangs on a choice between two rival rescue plans

Last month the chief executive of Morgan Sindall revealed that the smallest amount of cash the contractor has had in the bank over the past two years has been £25m, on one day last September.

“There is a lot of talk about the construction model being bust,” John Morgan went on. “It’s not bust but you need balance sheets to be strong so you make the right decisions in the medium to long term.”

His counterpart at Interserve, Debbie White, must look enviously on and no doubt agree. A trained accountant, the 56-year-old had kept a low profile – until last weekend – since she took over from Adrian Ringrose more than 18 months ago, having spent the previous 13 years at French FM company Sodexo prior to her arrival at Interserve in September 2017.

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