[36] Then on 7 January 2013 the organisation announced the acquisition of The Oman Construction Company for a cash consideration of $34.1m. [2][17] To reflect this change it renamed itself Interserve in 2001. As the UK sought to rebuild infrastructure after World War II, the company established a civil engineering capability in the 1940s to participate in this activity; together with building these had become the company's focus by the 1960s. The UK Information Commissioner has warned that companies are leaving themselves open to cyberattack by ignoring crucial measures like updating software and training staff. [150], In January 2022, Kier Group was reported to be in advanced talks to acquire Tilbury Douglas,[151] with speculation Kier might pay around 50m for the almost-500m turnover contractor. Gone phishing: UK data watchdog fines construction biz 4.4m for poor infosec hygiene. This year Tilbury Douglas expects to generate around 500 million of revenue from a range of projects across England, Wales and Scotland. No credit card required. [125] In June 2019, it was reported that Interserve had collapsed owing creditors over 100m. Interserve Construction. Our highly experienced teams are proud to be trusted partners to NHS Trusts, government departments, universities, local authorities and private sector customers.. Interserve Construction. [4] In 1964, a Port of London Authority dredging contract ended, 76 years after it was first awarded, and the company ceased to operate as a dredging contractor in the UK. "[34][35] On 18 December 2012 it was announced that the company had acquired Advantage Healthcare, a leading UK provider of healthcare at home services for 26.5m in cash. [69] The refinancing news drove shares up almost 26% to 87.9p. On October 24, 2022, the UK Information Commissioner's Office ("ICO") issued a 4.4 million fine to Interserve Group Limited for failing to keep employee personal . [2] In 1965 the remaining fleet of dredging vessels was sold to Westminster Dredging Company Limited. Similar places nearby. [44] On 19 October, the firm was reported to be "battling for survival" after warning it would breach bank loan covenants;[45][46] shares slumped 38% to 55p, valuing the company at just 80m,[45] before recovering to close at 65p. Interserve did not progress the bid and no formal offer was tabled. [99] One major shareholder, hedge fund Coltrane Asset Management, while supportive of the CEO, requisitioned an extraordinary general meeting (EGM) calling for the removal of eight other directors; another shareholder, Farringdon Capital Management, also voiced opposition to the proposed rescue plan. The UKs Most-Read Construction Magazine. [3] Lightering gradually declined due to the increase of road traffic, and dredging became the mainstay of the company. The Information Commissioner's. People. Tilbury Douglas is a well-known historical name in the construction and engineering sector, with a lineage dating back to the London and Tilbury Lighterage Company Limited in 1884. Filing history. [169], [a]: Restated to comply with IAS 19, IFRS 3, IAS 10, IAS 39 and IAS12[170], Interserve was a constituent of the FTSE4Good Index,[171] designed to objectively measure the performance of companies that meet globally recognised corporate responsibility standards. Registering also means you can manage your own CPDs, comments, newsletter sign-ups and privacy settings. Interserve Group Ltd - the parent company of the Interserve construction business - was fined 4.4m for multiple GDPR contraventions culminating in a data breach affecting 113,000 employees. [93] The core principles of the deleveraging plan were reported to have been conditionally agreed between Interserve and its lenders on 21 December 2018,[94] but negotiations continued through January 2019, with the deal, excluding sale of RMD Kwikform, reported to be close to announcement on 3 February. This company used to be called INTERSERVE OVERSEAS CONSTRUCTION LTD. [215] It was reinstated in November 2019. The company broke data protection law by failing to put appropriate technical and organisational measures in place to prevent the unauthorised access of peoples information, the watchdog ruled. NASC Yearbook 2022 is now available to read in digital format. Personal data of up to 113,000 current and former employees was encrypted and rendered unavailable. As [] After its financial situation worsened in late 2018, debt holders discussed further financial restructuring of the business. [81] Interserve shares closed on 30 November down 6.5% at 28p. These projects. [62][63] Interserve was reported to have cut 500 administrative staff in the last quarter and to be planning a further 1,000 job losses by the end of 2018. News 27 Oct 2022 Interserve Group, one of the UK's largest construction groups, has been fined 4.4 million by the Information Commissioner's Office (ICO) for failing to protect the personal data of employees in a cyber attack. Interserve saw significant upheaval in 2019, after the group went into a pre-pack administration in March after shareholders voted to reject a rescue plan, before making the transition to a UK listed company to a privately held one. [95] The Cabinet Office reportedly objected to any deal involving selling RMD Kwikform, believing this would render the remainder of the business almost worthless, making it difficult to continue awarding contracts to the company. Our weekly Cyber Flash Briefing round up of top open source news and 'Cyber Tip Tuesday' videos It made a 107.7m operating loss in 2019, down from a 2.3m profit the year before. With a dedicated regional network of offices and with an outstanding track record in delivering projects, we are here to help deliver for clients and communities building a better future together. Some smaller assets are expected to be sold before Interserve Group is finally shut down in 2024. With a workforce peaking at over 700 the joint venture provides detailed design, construction and commissioning on a wealth of projects located across Cumbria and Lancashire. We are seeing . Lovell said that implementation of the companys crisis response plan as well as support from the UKs National Cyber Security Centre and the National Crime Agency ensured that there werent major impacts to customers, despite the operational challenges. [115] Coltrane warned Interserve's prospective administrator against arranging a pre-pack insolvency deal, demanding rigorous and comprehensive marketing, and holding out the prospect that Coltrane might acquire the company from the insolvency process. Interserve Construction Why Builder's Profile. [51] Interserve also appointed a rescue specialist, Scott Millar, as chief restructuring officer. Since the incident, most of Interserve Group has been either sold or spun off, with its construction arm Tilbury Douglas becoming a standalone contractor in June, although it remains owned by the same shareholders. [89] Fearing problems similar to those faced by clients after Carillion collapsed, the Labour Party urged the Government to bar Interserve from bidding for public contracts,[90] but the Cabinet Office insisted Interserve was different from Carillion. [113], On 11 March, lenders tried a last-ditch effort to win shareholder support by increasing the amount of equity retained by shareholders to 7.5%,[114] but this was not backed by Interserve's board which urged support for the deleveraging plan offering shareholders 5%. [131] Interserve announced that Mark Whiteling, chief financial officer since September 2017, would be leaving the company;[132] and a dispute with Sandwell MBC over allegedly defective Interserve-built school buildings was reported. [3] Company tug Danube V took part in pipelaying activities during July 1944, as part of Operation Pluto,[3] which brought together British scientists, oil companies and the armed forces in the construction of undersea oil pipelines under the English Channel between England and France to transport fuel supplies to Allied forces on the European continent. These showed a pre-tax loss of 6m, said 470 jobs were lost, and showed revenue dipping to 1,488m from 1,647m. (UK geochart with 4 supplier locations.) [105] The proposals were to be subject to an EGM vote on 26 March,[106] later brought forward to an AGM vote on 15 March. 24 Oct 2022
[82] The share price slide continued into December (closing at 21p on 4 December), after, in Building, Specialist Engineering Contractors Group CEO Rudi Klein advised members not to work for Interserve if possible. Rocketreach finds email, phone & social media for 450M+ professionals. 42910 - Construction of water projects. Interserve plc was formally wound-up in the High Court in January 2022. On the surface the Interserve Group Limited fine is as basic as any other but dig a little deeper and you will find a very interesting things. [3] The company, by then named Tilbury Contracting Group Limited,[2] applied for admission of its shares onto the London Stock Exchange and trading commenced on 12 October 1966.[4]. Disposal of Interserve plc's 49% stake (valued in 2018 at 2.7m) in a Qatari business was delayed due to the COVID-19 pandemic restrictions in Qatar, so administrator EY was granted a two-year extension until March 2022. Offering minimal impact on your working day, covering the hottest topics and bringing the industry's experts to you whenever and wherever you choose, LexisNexis Webinars offer the ideal solution for your training needs. We need readers to register with us to help sustain creation of quality editorial content on Construction Management. The Information Commissioner's Office (ICO) has handed down a 4.4 million fine to construction group Interserve, after attackers stole personal information on more than 100,000 employees. [128][129], In April 2019, the Financial Reporting Council launched an investigation into auditor Grant Thornton's work on Interserve's financial statements for the years 2015, 2016 and 2017[130] (Grant Thornton and the partner involved were fined 1.3m by the FRC in 2021 for 'scepticism failure'). [67] Lenders agreed a further 30-day extension for completion of the refinancing paperwork[68] (concluded on 27 April). [96], On 6 February, Interserve announced it had agreed a deleveraging deal with its lenders: it planned to raise 480m through a new share issue (accounting for 97.5% of the total issued share capital), reducing debts from over 600m to 275m, and retaining RMD Kwikform in the group. It's a. Dalmore Capital Fund, a UK infrastructure fund, agreed to buy 19 of the PFI investments, which generated 4.6m profits for the group in 2011. In a pre-pack deal, the rest of the group was immediately sold to a newly incorporated company owned by lenders, Interserve Group Ltd, and a break-up of the company followed. They have a massive 2,000 plus construction supply-chain servicing clients over public and private sectors and working on projects from house building across rail to health, education, office and industrial. During administration, debt of 815m and over 200m in other liabilities was wiped out by stakeholders in exchange for equity in Interserve Group Limited. INTERSERVE CONSTRUCTION LIMITED is a Private limited company (Ltd.) company based in 71-75 SHELTON STREET COVENT GARDEN, United Kingdom, which employs 32 people. The organisation's status is listed as "Active". Here are the supplier locations. [133] In June 2019, chairman Glyn Barker was reported to be preparing to step down,[134] with Alan Lovell named as his successor in July 2019. 03333 601 600 . The name change partly reflected a shift in focus during the 1990s towards maintenance and facilities management services sectors, and this continued in the 2000s, buoyed by further acquisitions. Despite the changes, Interserve Group Ltd remains a registered company. The UK Information Commissioner's Office (ICO) found that Interserve failed to put . Interserve Construction fined over 4 million by UK ICO for cyber attack. UK outsourcing firm Interserve has been fined 4.4 million for data protection failings that resulted in the company suffering a significant cyber attack in 2020. Interserve plc went into administration on 15 March 2019 after its shareholders voted down a deleveraging plan, resulting in its subsidiary companies being sold to the group's lenders in a pre . Renewi said it had a 11.6m claim against Interserve. Follow this company File for this company. [205] The discovery of these accounting irregularities led to a write down in profits by 25.9m, including prior years (see section 3 Financial Information), and six senior managers were suspended with the company stating that accounting mis-statements dating back "several years" had been uncovered following changes in the organisation. Interserve's facilities management business was sold to Mitie in December 2020, and RMD Kwikform was sold in October 2021 to France's Altrad. [116], At the 15 March AGM, the deleveraging plan was rejected by shareholders,[117] and trading in the company's shares was suspended. Lovell said: Following the recent completion of Mitie Group plcs acquisition of the support services division, Interserve Group is now a smaller company focused around the remaining businesses, RMD Kwikform and the construction division. In 2020 alone, the company won over 84 projects totalling 465 million, including 28 healthcare projects and 16 new school projects, featuring nine SEND (Special Educational Needs) schools. Failing to keep personal information of staff . Tilbury Group was headquartered in Reading and predominantly involved in building work in the South of England and in Scotland, while R M Douglas was headquartered in Birmingham and its strongest regional presence was in the Midlands and the North of England with a strong bias towards civil engineering projects. [58] Three days later, Interserve was said to be struggling to agree a debt refinancing deal because Carillion's liquidation had spooked lenders;[59] Interserve denied the talks had stumbled. The Financial Times reported the sale as including "the stakes are five in hospitals including University College London, Carlisle and Newcastle five in schools, two in prisons and several in defence establishments. 41201 - Construction of commercial buildings. This saw its UK and international construction businesses merged, with international boss Paul . Construction Management is the highest circulation construction-based publication serving the UK built environment. The business will continue to focus on delivering building, infrastructure, engineering and fit-out projects across the health, education, justice, government and infrastructure sectors, primarily for public sector clients. [21] This decline led to threats of legal action by former MacLellan shareholders, who had accepted shares in Interserve as part of the acquisition and saw the value of their holdings dramatically drop. Interserve was accredited with compliance to the following International Organization for Standardization (ISO) standards:[184]. 41201 - Construction of commercial buildings 42910 - Construction of water projects 41100 - Development of building projects Companies near to INTERSERVE CONSTRUCTION ltd. SWIME LTD - 71-75 SHELTON STREET, COVENT GARDEN, LONDON, UNITED KINGDOM, WC2H 9JQ for INTERSERVE CONSTRUCTION LIMITED (13857197), 41201 - Construction of commercial buildings, 42990 - Construction of other civil engineering projects not elsewhere classified, Companies House does not verify the accuracy of the information filed. [15], During this period the company disposed of its Scottish housebuilding business to Persimmon plc, diminishing the significance of revenues from traditional construction contracting workstreams,[16] with the newly diversified group now earning significant revenue through its facilities management and maintenance capability, which are otherwise known as support services provision. Interserve exists to be a community of disciples of Jesus Christ who. [2] This expanded the geographical coverage of the company to the Middle East and this presence was further strengthened by the establishment of a joint venture in Qatar (Gulf Contracting Company). "In fact, as the ICO recognises in its [notice], Interserve took extensive steps to resolve the incident, engaging leading cyber response companies, and made significant investments across its operating companies to mitigate the potential impacts of the cyber incident on its past and present staff. Company number 11830440. Interserve Construction UK, which last week announced that it was rebranding to become Tilbury Douglas, recorded an operating loss of 108m, according to its latest annual financial results. [109] Interserve's 90m expenditure on fees (to investment bank Rothschild investment bank, broker Numis, lawyers Ashurst LLP and Slaughter and May, accountant Grant Thornton and PR firm Tulchan) was said to be equivalent to the cash the firm would have if its restructuring plan was successful with shareholders. You can search by company name, service, subway station, district, and other keywords UK information commissioner John Edwards said:The biggest cyber risk businesses face is not from hackers outside their company, but from complacency within their company. '[206], It was announced that in April 2008 the company became subject to an investigation by the Office of Fair Trading (OFT) under the terms of the Competition Act. [211] IIS and the claimants trade union, UNITE, were party to a collective agreement that provided for the company to "undertake as far as is practicable to place onto an appropriate contract an NECC accredited senior steward". [53] Following the January 2018 collapse of Carillion, the Financial Times said Interserve was being monitored by the UK Government;[54] the report led to a 15% drop in Interserve's share price, later largely recouped - a market analyst said: "in the case of Interserve the arithmetic doesn't look anything like as bad as Carillion". [154], In June 2022, Tilbury Douglas fully separated from Interserve Group and became a standalone construction contracting company[155] owned by Interserve banks. Tilbury Douglas was the last major part of Interserve Group; some smaller assets are expected to be sold before Interserve is finally shut down in 2024. [71] On 31 May, the operator of the Glasgow EfW scheme claimed Interserve owed 69m in additional costs;[72] in November 2018, Viridor said it expected to receive at least 64m from Interserve. Interserves anti-virus mechanism quarantined the malware and sent an alert, but the company failed to thoroughly investigate the suspicious activity, a statement from the ICO said. Review now Our location See anything wrong with this listing? [64] On 8 March, a series of equity swap deals bolstered Interserve's share price;[65] the following day Interserve put its stake in the 200m Haymarket development in Edinburgh up for sale to help reduce its near 600m debts. The removal centers around Interserve's stake in Qatari-based Al Binaa Contracting Company. [25] On 25 February 2011 the company emerged as a bidder for fellow support services provider, Mouchel, as Interserve aimed to "target the rapidly growing market for fully integrated outsourcing services." We use some essential cookies to make our services work. [111] However, the Interserve board rejected this proposal,[112] while lenders lined up a precautionary 'pre-pack administration' that would wipe out existing shareholders but keep Interserve operating if the deleveraging plan was not approved. Interserve Healthcare, Nursing Agency - Birmingham: photos and 1 review on Nicelocal.co.uk. The company was forced to restructure and refinance in March 2018. "Notwithstanding the inconsistencies between the ICOs [notice] and press release and concerns that the ICO has not followed a fair and proper process, Interserve will continue to prioritise the interests of its past and present staff, counterparties and other stakeholders while engaging with the ICO to resolve their investigations.". Paul Gandy, Managing Director for Tilbury Douglas, said: We are delighted to announce our new brand, website and logo. A statement from Interserve Group spokesperson insisted it had cooperated with the ICO and National Cyber Security Centre to minimise the potential impact on the employees. Major construction company Interserve has been fined 4.4 million by Britain's data watchdog. Interserve Group chairman Alan Lovell acknowledged that following the results period, the covid-19 pandemic had created short-term reductions in revenue in its construction business and at RMD Kwikform but that it had also seen some benefits from the governments response to the disease, including leading the construction project for the conversion of the NEC in Birmingham to a Nightingale hospital. [66], On 21 March 2018 Interserve announced it had agreed commercial terms with its main bankers for extra cash facilities of 197m and fresh bonding facilities up to 95m. Gordon Kew, then the managing director of Interserve's UK construction business who would leave in August, says: "The whole energy-from-waste portfolio we expect to be out of this year." Viridor says Interserve owes it 69m on Glasgow scheme. We use cookies to make our services work and collect analytics information. [52] On 10 January 2018, Interserve warned that its debt was set to rise above 513m at the year-end due to redundancy costs and cash outflows from its legacy EfW projects. [2], On 2 May 2006 Interserve acquired MacLellan, another support services business for 118m. I-Care is a bespoke approach to health, safety and environment culture based on caring, doing the right thing and speaking up. [173], The Observers "Good Companies Guide" 2008, compiled to establish Britain's most ethical companies[174] ranked Interserve in its top 20[175] out of all companies listed on the FTSE 350 Index, In 2012 Interserve established the Interserve Employee Foundation, a registered charity,[176] which as noted in the British Quality Foundation Achievement Award 2012 citation, aimed to "improve the quality of life and life chances for people in the community where they live and operate by utilising the skills, capabilities, resources and enthusiasm of Interserve's employees."[177]. You can change your cookie settings at any time. Interserve plc went into a pre-pack administration in March 2019 and was rebranded as Interserve Group. It said it entered 2020 with a strong order book in key sectors. [102][103] In view of shareholders' opposition, on 22 February lenders were reported to be amending the debt-for-equity proposals so that existing shareholders would own 5% of Interserve. Mr Kew left Interserve last August as the struggling contractor carried out a major restructuring. The Procure Partnerships (National) Framework Agreement will be available to all public sector Contracting Authorities as defined at Part 1 (Paragraph 2) of the Public Contracts Regulations 2015. The company had well-publicised struggles with a number of energy from waste plant projects and announced in 2016 that it would walk away from the sector, however several contracts dragged on into 2019. [204], On 14 August 2006 the company announced to the London Stock Exchange that accounting issues relating to the mis-statement of accounting balances within its former Industrial Services Division had been uncovered. Unions and others expressed concern about the government's continued awarding of contracts to Interserve during its financial troubles, but a Cabinet Office spokesperson said its processes and financial check had been robust, adding: "The refinancing process that Interserve executed led to the smooth continuation of public services and safeguarded thousands of jobs. The UK's Information Commissioner's Office (ICO) has fined UK construction company Interserve 4.4 million following a sizable data breach.Bad actors utilised phishing to gain access to personal data from 113,000 of Interserve's employees in 2020. Nonetheless, the company said following the appointment of Nicholas Pollard as chair of the construction division and Pail Gandy as managing director in October 2019, it was well placed to benefit from local and national government investment. Get Stephen Home's email address (s*****@kmi.co.uk) and phone number at RocketReach. You can change your cookie settings at any time. [216], For the Tilbury Douglas construction business separated from Interserve Group in 2022, see, Post-war civil engineering and contracting 19451990s, Notable projects constructed as Interserve, International Organization for Standardization, Royal Society for the Prevention of Accidents, Tilbury Contracting and Dredging Company Limited, BBC WW2 People's War - An Archive of World War Two Memories, "Despatch submitted to the Supreme Commander, Allied Expeditionary Force on the 16th October, 1944, by Admiral Sir Bertram H. Ramsay, K.C.B., M.V.O., Allied Naval Commander-in-Chief, Expeditionary Force", "Khansaheb Civil Engineering - UAE: History", "Message from Chairman of Gulf Contracting Co W.L.L. A City analyst said that the restructuring "looks like a precursor to the future splitting up the group. Everything we do is shaped by our core values. From initial concept through design and construction into ongoing aftercare and services delivered directly to citizens, we work in true partnership - often throughout the entire project life cycle. I would like to sincerely thank all our colleagues for their remarkable efforts, particularly in support of the UK governments covid-19 response.. [74] Legacy EfW contracts dragged results down, but Interserve aimed to complete and hand over problem EfW contracts by the end of 2018 (in January 2019, New Civil Engineer reported that handover would happen in the first half of 2019). The architect of Interserve was the wunderkind Adrian Ringrose, a politics graduate with zero construction experience, who joined the company in 2000 and three years later, aged 35, became chief .
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