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. 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. About Interserve BIRMINGHAM Interserve is one of the world's foremost support services and construction companies. You've rejected analytics cookies. 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. Interserve | 133,438 followers on LinkedIn. [122] Mitie was repeatedly reported to be considering a bid of about 100m for the support services arm, which employs about 40,000 of the Interserve group's 45,000-strong UK workforce. [69] The refinancing news drove shares up almost 26% to 87.9p. A break-up followed with Interserve's facilities management business sold to Mitie in. [107], On 27 February, Interserve announced its financial results for the year to 31 December 2018, recording a pre-tax loss of 111.5m on a turnover of 2904m (down 10.7% due to a drop in UK construction activity and tighter bidding criteria). The Information Commissioner's Office (ICO) has fined Interserve Group 4.4m for failing to keep personal information of its 113,000 current and former staff secure. This is not a first step towards a paywall. [126], Rival outsourcing firms including Mitie, Serco and Sodexo were reported to be considering bids to acquire Interserve's core support services business,[127] valued by lenders at around 300m. Interserve Construction Limited is a Private Limited Company registered in ENGLAND with Companies House and the accounts submission requirement is categorised as FULL Advanced company search. The government contractor Interserve has gone into administration after its largest shareholder, the US hedge fund Coltrane, led a rebellion against financial rescue plans drawn up by . [2] Several of the company's vessels were requisitioned for war duties during World War I where they took part in various military campaigns including in the Dardanelles, Archangel and the Persian Gulf. From 1991 it was known as Tilbury Douglas following a merger with RM Douglas, but in 2001 it rebranded as Interserve plc. INTERSERVE GROUP LIMITED. 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. [120], The administration and pre-pack process meant banks wrote off up to 800m in loans, while Coltrane, Farringdon and around 16,000 small shareholders all lost their investments. [215] It was reinstated in November 2019. Rocketreach finds email, phone & social media for 450M+ professionals. [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. 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. [1] Our vision is to redefine the future for people and places. 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 . Interserve Construction Limited and Interserve Engineering Services Limited have today announced their intention to formally rebrand as Tilbury Douglas Construction Limited and Tilbury Douglas Engineering Limited, marking a new era for the construction and engineering companies. EY said secured creditors of Interserve plc, owed around 65.2m, were not expected to receive any payout from the administration. 24 Oct Interserve Group Ltd has been fined 4.4m for failing to keep personal information of its staff secure. 24 Oct 2022
Contact details, working hours and directions. However, financial issues including problem contracts in Interserve's energy-from-waste business led to profit warnings in 2017. 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. Interserve had approached the target with an offer believed to be in the region of 191m, or 170p per share; Mouchel had previously rejected two bids from Costain. Gone phishing: UK data watchdog fines construction biz 4.4m for poor infosec hygiene. If your business doesnt regularly monitor for suspicious activity in its systems and fails to act on warnings or doesnt update software and fails to provide training to staff, you can expect a similar fine from my office. The Benefits of Builder's Profile. [26][27][28][29] However, after conducting due diligence on the consulting group, Interserve reduced its indicative offer to a reported 151m, or 135p per share, and this was subsequently rejected. Construction firm Interserve was the latest target of the Information Commissioner's Office (ICO)'s ongoing enforcement spree, following a 2020 phishing attack that compromised the personal data of up to 113,000 people. Sun 23 Oct 2022 19.01 EDT Britain's data watchdog has fined the construction group Interserve 4.4m after a cyber-attack that enabled hackers to steal the personal and financial information of. Epping Forest High School - Loughton. [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. A debt-for-equity plan was rejected in March 2019, and Interserve plc went into administration owing creditors over 100m. Over the past year, Interserve Construction has featured in 22 contract award notices. 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. [156], In October 2022, Interserve was fined 4.4 million for a breach of data protection law in May 2020 which enabled hackers to access data on up to 113,000 Interserve employees. 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. [158], In December 2020, Interserve was predominantly a construction group,[159] offering advice, design, construction and equipment services for infrastructure in the United Kingdom and worldwide. Net debt increased to 631.2m, and the company warned: "successful implementation of the Deleveraging Plan is critical to our future." 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. The former administrator, EY-Parthenon, was to continue work on these issues. This data breach had the potential to cause real harm to Interserves staff, as it left them vulnerable to the possibility of identity theft and financial fraud.. It said it entered 2020 with a strong order book in key sectors. [2] The company changed its name several times, eventually operating for 56 years as Tilbury Contracting and Dredging Company Limited (TCDC) from 1908. [2] To reflect this change in the company's business profile, it successfully applied in 2000 to the London Stock Exchange to relinquish its listing within the construction sector of the market, but to re-list within the support services sector on the FTSE market list. A. The ICO found Interserve used outdated software systems and protocols; failed to follow up on the original alert of a suspicious activity; had a lack of adequate staff training; and carried out insufficient risk assessments. Over the past year our colleagues have continued to show outstanding leadership and resolve, ensuring that we deliver the very best public and private sector services to our customers despite the challenges of the administration of Interserve Plc, covid-19 and the cyber-attack. Failing to keep personal information of staff . [145] The deal, cleared by competition authorities in November 2020,[145] had to be ratified by Mitie's shareholders and was expected to be completed by the end of November 2020, leaving Interserve focused on three remaining divisions: Interserve Construction, RMD Kwikform, and its Citizen Services group of businesses. Interserve Construction saw its revenue slip from 747m at the end of 2018, to 485.3m for the year to 31 December 2019. LexisNexis Webinars . The organisation's status is listed as "Active". These projects. The organization was set up as a joint endeavor with neighborhood business Al-Darwish, which additionally had the alternative of first refusal to purchase Interserve's stake in the JV . These showed a pre-tax loss of 6m, said 470 jobs were lost, and showed revenue dipping to 1,488m from 1,647m. [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". [159] Following the December 2020 sale of its FM operations to Mitie, Interserve was focused on three remaining divisions: Interserve Construction, RMD Kwikform, and the Citizen Services group of businesses. Company number 11830440. [210], A case was brought by three claimants who were scaffolders and shop stewards, against subsidiary company Interserve Industrial Services Limited (IIS) at an Employment Tribunal. [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. [2] In 1965 the remaining fleet of dredging vessels was sold to Westminster Dredging Company Limited. [152] However, Kier discontinued negotiations in March 2022. 42990 - Construction of other civil engineering projects not elsewhere classified. We are seeing . Interserve blamed the losses on losses incurred in London on a number of projects and said it had exited non-core business areas during the year. 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. [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). Leaving the door open to cyber attackers is never acceptable, especially when dealing with peoples most sensitive information. Tuesday, October 25, 2022. 41201 - Construction of commercial buildings. "It also sought to reduce the risk of future incidents and successfully facilitate the safe and effective ongoing operations of Tilbury Douglas and the facilities management business acquired by Mitie Group plc. Interserve is a British construction and support services business based in Reading, Berkshire, which went into administration in 2019 and which is expected to be wound up in 2024. He added: "The statements in the ICOs press release issued on Monday 24th October 2022 are inconsistent with the ICOs [penalty notice], which does not reference in any way that Interserve was complacent in its actions. 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. [37], On 28 February 2014, the company acquired Initial Facilities from Rentokil Initial for 250m. [11], A series of acquisitions and disposals in the late 1990s and 2000 moved the group's focus away from property development and housebuilding, as it sought to build presence in the maintenance and facilities management sectors, though it retained a strong presence in traditional construction contracting. From our beginnings, through the women who served in the zenanas of South Asia, we have . [73], Interserve reported its half-year results on 7 August 2018. [74], On 13 November 2018, concerns about an EfW project in Derby led to a 30% slide to a 34-year low (29p) in Interserve's share price,[76] though it later ended down just 10% on the day. On 22 September 2009 the OFT concluded that Interserve subsidiary Interserve Project Services Limited had engaged in illegal anti-competitive bid-rigging activities[208][209] and imposed a fine of 11,634,750. [75] The business suffered a 6.6m loss from exiting the London construction business, and incurred 10.8m in restructuring costs and 32.1m in 'professional adviser fees' in connection with its refinancing. I-Care is a bespoke approach to health, safety and environment culture based on caring, doing the right thing and speaking up. Follow this company File for this company. "[121] However, around 200 firms that provided IT, HR and property management services to Interserve plc risked not being paid. [108], Coltrane remained opposed to the deleveraging plan, angered by expenditure on the plans and by directors' reluctance to invest in new shares. [149], Financial information for the company is as follows: You can change your cookie settings at any time. During administration, debt of 815m and over 200m in other liabilities was wiped out by stakeholders in exchange for equity in Interserve Group Limited. [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. In March 2021, Interserve resurrected the Tilbury Douglas brand for its construction and engineering services businesses. [38] In October 2014, Interserve benefitted from the UK Government's privatisation of the probation sector, securing contracts to run criminal justice services in five areas. INTERSERVE CONSTRUCTION LIMITED was founded on 1935-07-24 and has its registered office in Birmingham. 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 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. "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. 'S finances as the company planned to break up its businesses for of. 2022, Interserve resurrected the Tilbury Douglas - our global Development of building. On CAPITAL TOWER, 91 WATERLOO ROAD, LONDON, ENGLAND, Wales and Scotland to paid Civil engineering projects not elsewhere classified health, safety and environment culture based on CAPITAL, Company warned: `` successful implementation of the contact with the union representative not to recruit any the. 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