Tilbury Douglas is to run arsenic a standalone contractor again aft “fully separating” from Interserve Group, the steadfast has announced.
The operation company, which rebranded to Interserve plc betwixt 2001 and 2021, had been owned by Interserve Group and was taxable to a failed Kier takeover earlier this year.
However, Tilbury Douglas managing manager Paul Gandy announced contiguous that it would run arsenic a sole contractor, returning to its “historic roots” aft separating from Interserve Group.
He said successful a statement: “This separation returns Tilbury Douglas to its historical roots arsenic a large contractor.
“[The company] is profoundly committed to becoming the astir customer-focused and productive contractor successful the UK, benefitting from beardown in-house mechanical and electrical capabilities – a specializer fit-out business.
“And we person importantly invested successful our endeavor and exertion platforms implicit the past 18 months.”
Gandy, who joined the institution successful 2019, said the radical delivered much than £500m of projects successful 2021, portion its order-book totalled “more than £1bn and continues to grow”.
He said: “Our shareholders are committed to Tilbury Douglas and the squad is acceptable to commencement the adjacent breathtaking section for our business. We are looking guardant to the years up and the continued maturation of [the company].”
Interserve plc went into medication connected 15 March 2019, aft its shareholders voted down a deleveraging plan, which resulted successful its subsidiary companies being sold to the group’s lenders successful a pre-pack administration.
This led to debts of £815m and different liabilities of much than £200m being efficaciously wiped retired by stakeholders successful speech for equity successful the caller genitor company, Interserve Group Limited.
Tilbury Douglas was the past constituent of Interserve plc owned by the indebtedness holders that acquired the radical retired of medication successful April 2019. The RMD Kwikform concern was sold to Altrad successful October 2021 and Mitie bought Interserve’s facilities-management operation successful November 2020.
Interserve plc was officially coiled up astatine the High Court successful March.
Sky News reported successful January that Kier had entered into talks to bargain Tilbury Douglas aft notifying the Cabinet Office of its intensions. But it pulled retired of negotiations successful March.
Tilbury Douglas’ contracts person historically been angled towards the education, wellness and infrastructure markets.