Departure comes as firm faces loss of successful subsidiary to circling creditors
A member of Interserve鈥檚 executive board has left within the last few weeks, 黑洞社区 understands.
Robin O鈥橩elly was the group鈥檚 director of communications for seven years, serving on the executive board beside the group鈥檚 chief executive 鈥� first Adrian Ringrose and then Debbie White (pictured).
But O鈥橩elly left after his position was cut as part of Fit for Growth, a programme launched by White in October 2017 鈥� less than two months after she joined 鈥� in a bid to boost the group鈥檚 margins.
A spokesperson for Interserve said O鈥橩elly left the firm 鈥渁micably鈥�.
Interserve is in rescue talks with creditors as the group struggled to service its 拢600m debt pile.
In an announcment last week, the contractor admitted it was likely to issue equity to creditors in exchange for them writing-down debt and altering the group鈥檚 repayment profile.
At the weekend Sky News reported that creditors are looking to demerge its RMD Kwikform business from Interserve.
This means banks could take ownership of RMD, a profit-making subsidiary of Interserve, in return for writing off a chunk of the contractor鈥檚 debt.
RMD provides formwork and shoring solutions and has operations across the UK and on every continent.
Last year the business pulled in a 拢42m turnover, from which it made a pre-tax profit of 拢15m.
Interserve has looked into selling the business before, with analysts suggesting it is worth up to 拢300m.
Interserve declined to comment on the prospect of RMD Kwikform being transferred to its creditors.
Last week a Conservative frontbencher in the House of Lords insisted the contractor is 鈥渧ery different鈥� from Carillion which went bust earlier this year.
Lord Young of Cookham said: 鈥淚nterserve is now taking action that Carillion ought to have taken 鈥� to restructure its balance sheet and improve its robustness 鈥� and, unlike, Carillion, it does not need new money.鈥�
No comments yet