Interserve to offload its plant at auction
Image: Ekkaluck Sangkla/Dreamstime.com
Interserve is preparing to sell off its plant at an auction next month in what has been billed as a “complete dispersal”.
Auctioneer Ritchie Bros will hold a sale of around 500 different items at Rockingham near Corby, Northamptonshire, on 9 May.
Among the items for sale are a total of 26 excavators, 10 site dumpers, 14 tandem rollers, 32 telehandlers and forklifts, and more than 400 smaller items.
News of the sale comes ahead of the publication of Interserve’s 2017 full-year results on 30 April, in which it is expected to reveal “significant writedowns” to its balance sheet.
Last month, the company announced that it would extend its cash borrowing facilities to £834m, after agreeing a new refinancing package with lenders totalling nearly £300m.
However, there is no suggestion that the sale of Interserve’s plant is linked to its upcoming results or levels of borrowing.
Interserve’s decision to sell its plant and rent instead contrasts with a recent move last month by Balfour Beatty to start building its own earthmoving operation, after taking delivery of 222 specialist earthworks machines.
The collection of new machines, which includes Komatsu excavators, Volvo articulated dump trucks and Caterpillar bulldozers, is worth a total of £3.2m and forms the first tranche of Balfour Beatty’s wider £9.6m owned plant investment programme in 2018.
Interserve has been contacted for comment.