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Interserve gets £15m cash from PFI interests

Interserve has generated £15 million in cash from its PFI interests.

The sale of its 50 per cent stake in the Sheffield Schools PFI project generated £7.2 million.

Interserve will continue to deliver facilities management services for the six schools built under the deal for the next 17 years.

Following the sale the firm’s PFI portfolio now has 30 signed projects with investment commitments of £64 million, £39 million of which has already been paid.

Interserve has received a repayment of the majority of its subordinated debt in its University College London Hospital PFI project.

The debt saw an 8 per cent return and its repayment follows successful completion of phase two of the project. The Elizabeth Garrett Anderson wing, which expanded to hold an extra 71 beds, was completed on time.

Interserve chief executive Adrian Ringrose said: “These transactions demonstrate both the substantial value created within our PFI portfolio and our continued ability to generate cash from it.”