Enigma Industrial Services Acquires Interserve's Access and Hard Services Business
Together with the closure of IISL's power activities earlier this year this concludes Interserve's exit from its industrial contracting activities. The Business comprised Interserve's provision of scaffolding services to housebuilders and other contractors as well as its SIP (Scaffolding, Insulation & Painting) services to large industrial sites. Scott Hardie will continue to lead the Business as Managing Director.
For the year ended 31 December 2017, IISL reported an operating loss of£4 millionand had gross assets of£47.3 million. The Transaction will result in a loss on disposal of circa£8.4 million. The sale proceeds will be used to reduce the Group's indebtedness.
Commenting on the development, Debbie White, Chief Executive Officer at Interserve, 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."