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Frances Ball 10 Jun 2019 01:22pm

Interserve owed creditors more than £100m

When it went into administration in March, government contractor Interserve owed creditors more than £100m, Companies House filings have revealed

Among those out of pocket is the company's auditor, Grant Thornton, which is owed £675,662.

In total, Interserve owed its secured creditors over £55.4m, and a further £50.5m to its unsecured creditors.

Some of its largest debts were to accountancy firms and computer companies. As well as its debt to Grant Thornton, Interserve owed PwC £493,000, and Microsoft £616,000.

Grant Thornton is currently under investigation by the Financial Reporting Council for its audit of Interserve, which was sold in a pre-pack deal after it went into administration in March.

Interserve shareholders voted against the board's rescue deal to prevent the company's equity being consumed by lenders. Grant Thornton had audited the company for the five years prior to its administration.

The government has since brought in Deloitte to monitor Interserve and advise on public sector contracts.

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