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Interserve collapses into administration after investors reject rescue deal

Interserve has collapsed into administration, handing its assets over to its lenders as part of a pre-pack administration process that wipes out its shareholders but saves the business and 68,000 jobs worldwide.

In a brief statement the troubled outsourcer said under new ownership the firm will have "a strong balance sheet, competitive financial structure and a fundamentally solid foundation".

EY have been appointed as administrators following a failed vote in which shareholders rejected a rescue package put together by Interserve’s management team.

Hunter Kelly, joint administrator at EY, said it was clear that "any period of uncertainty would have resulted in a collapse across the group". …

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