Interserve sells infra & industrial unit

Interserve has agreed to sell its infrastructure and industrial access and hard services unit.

The support services firm entered into an agreement with Enigma Industrial Services Holdings to dispose of its business segment for an initial cash consideration of £3.6m.

Interserve CEO Debbie White said: "We are pleased to announce the sale of the access and hard services business as part of Interserve's strategy to focus on core customer segments."

To be disposed of through Interserve Industrial Services, the sale could be valued at £4.6m depending on the business “achieving certain financing targets” in 2018 and 2019.

Interserve Industrial Services had gross assets of £47.3m for the 2017 financial year, although it made an operating loss of £4m.

Interserve expects the transaction to “result in a loss on disposal of circa £8.4m”.

News of the disposal comes just over one month after the firm unveiled plans to restructure its UK and international divisions.