Interserve wins 80m pound nuclear plant contract

Support services and construction group Interserve has been awarded a three-year management contract with nuclear power station operator Magnox.

Support services and construction group Interserve has been awarded a three-year management contract with nuclear power station operator Magnox.

Magnox, which operates ten of the UK's nuclear power stations, said the contract is valued in excess of £80m and includes an option to extend for a further three years.

"This is the first time that Magnox has chosen to outsource all of its facilities management requirements across the estate to a single supplier under one contract agreement - a move which will not only reduce costs but also ensures the highest standards of safety and quality control," Interserve said in a company statement.

The FTSE 250-listed support services and construction group said it will provide services including mechanical and engineering maintenance, catering, cleaning, office services, grounds maintenance and civil works.

The contract, which starts the first phase in April 2013, includes ten sites throughout the UK, and covers 450 acres and supports over 4,000 Magnox employees and contractors.

Interserve managing director Guy Bruce said: "This is a really exciting opportunity for Interserve because not only does it significantly expand our capabilities in the sector, it gives us a footprint on many of the UK's nuclear sites."

CJ

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
How the end of cheap money could spark a house price crash
House prices

How the end of cheap money could spark a house price crash

Rock bottom interest rates drove property prices to unaffordable levels. But with rates set to climb and cheap money off the table, we could see house…
28 Sep 2022
Why UK firms should start buying French companies
UK stockmarkets

Why UK firms should start buying French companies

The French are on a buying spree, snapping up British companies. We should turn the tables, says Matthew Lynn, and start buying French companies. Here…
28 Sep 2022