£140m Interserve rescue plan

AN INVESTMENT fund started by one of the founders of Punch Taverns has thrown its weight behind the rescue of troubled outsourcer Interserve.

Emerald Investment, founded by Alan McIntosh, has become a major lender to the British firm and is leading talks about its planned refinancing.

McIntosh was among businessmen who launched pub chain Punch Taverns and was its finance chief until it went public in 2002.

His fund’s backing is a major boost to Interserve following concerns the FTSE 250 contractor was struggling to raise cash.

Fears have grown about the financial strength of the company – and that of rivals such as Capita - after the dramatic collapse of construction giant Carillion.

But Emerald is now understood to have spent about £140m buying Interserve debt – making it one of its largest lenders – and is rallying support for the company.

It comes as it was revealed that bosses at Carillion paid more than £3m to consultants as they were begging the Government for an emergency £10m loan. The cash was sent to PwC, Ernst & Young and FTI Consulting.

Carillion’s loan request was rejected by officials and just 72 hours later it collapsed, resulting in the loss of more than 1,000 jobs.