Contractor’s shareholders approve deal to create one of the UK’s top three FM firms by turnover
Interserve has completed a deal to buy Rentokil’s facility services business, Initiail Facilities, for £250m, in a move that creates one of the UK’s top three facilities services firms by turnover.
Interserve struck a deal for the conditional purchase of Initial Facilities last month and this was approved by its shareholders yesterday (17 March).
Initial Facilities employs around 25,000 people across the UK, Ireland and Spain and posted £542m in revenue last year.
Adrian Ringrose, chief executive of Interserve, said: “We are building upon the strength of both companies to create a truly outstanding proposition for our customers, employees and shareholders.
“Interserve, as a top three player in the market by revenue, now has a more balanced portfolio of clients between the public and private sector, and a greater breadth of services and capabilities by which to grow our presence across the UK facilities management market.”