Interserve, the construction firm appointed to develop The Christie hospital in Manchester, has entered into administration with all the company's assets immediately moving to a new specially formed company.
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Mark Halstead, Partner at Red Flag Alert, added:
"Debt‐fuelled expansion left Interserve servicing significant debts that required refinancing. Unfortunately, the business became less attractive to lenders and refinancing became difficult. While Interserve claimed its problems were short term and could be solved with more loans, financiers were unwilling to further the company’s line of credit on the same terms.”
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