Interserve £70m contract delay subbie in administration

Grant Prior 6 years ago
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Energy from waste plant specialist Energos has gone into administration blaming disputes with main contractors.

The company had four ongoing contracts to help with the construction of waste plants in Derby, Glasgow, Milton Keynes and the Isle of Wight.

Interserve revealed in May that it was setting aside a £70m provision at its construction division due to problems with a waste to energy contract in Glasgow for client Viridor.

Energos was the main power generation technology provider on the £146m project.

Interserve also awarded Energos a £65m contract in Derby to supply its thermal conversion waste to energy technology.

The main contractor on the Milton Keynes and Isle of Wight plants is AmeyCespa.

Energos is now in the hands of administrators Matthew Wild and Lindsey Cooper of RSM Restructuring Advisory LLP.

The Company operated from a head office in Warrington and employed 42 staff.

The decision to appoint administrators was made by the directors of Energos “due to cash flow issues caused by contractual disputes with their two main contractors.”

None of the ongoing contracts are completed or have reached the commissioning stage.

Administrator Lindsey Cooper said: “It’s early days, but we are working with our professional advisors to review the status of the current contracts with a view to maximising the returns to creditors.”

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