Interserve, the British outsourcing company, has presented a rescue plan to banks in an attempt to secure fresh funding, with fears over its future raised by the demise of rival contractor Carillion.

Interserve, which cleans the London Underground and manages the Ministry of Defence’s estate in the UK, has already warned on profits and delayed a test on its banking debt covenants until the end of March. It has secured £180m of additional short-term funding until then.

On Thursday, the company met with eight banks including Barclays, Lloyds Banking Group, RBS, MUFG, Sabadell and HSBC to present a revised business plan and request fresh funding for the company. The proposals are under consideration but no decision has yet been reached. Interserve declined to comment.

Attention has turned to Interserve following the collapse of its former rival Carillion, and in the wake of a profit warning that knocked nearly £1bn off Capita’s market value last week.

Source: Interserve in crucial funding talks with banks


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