Interserve scores twice up north

Construction and maintenance firm Interserve has announced progress on two contracts in the north of England.

The bigger contract is a £150m deal with West Yorkshire police to build two divisional headquarters in Leeds and Normanton, and a specialist training facility in Wakefield. Of the total, £50m will come from providing facilities management at the sites for 25 years. Interserve says it has now reached "financial close" on the project.

The firm has also won a £50m contract to provide facilities management at the new Alder Hey children's hospital in Liverpool.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Adrian Ringrose, Interserve's Chief Executive, says, "We welcome this opportunity to help Alder Hey realise its ambition of creating what will be one of the finest children's hospitals in the country."

Shareholders will be grateful as well, the value of their stock has fallen 13.5% so far this year - so the good news may come in handy.

BS