Interserve preferred bidder on 100m pound contract

Interserve, the international support services and construction group, said it was preferred bidder on a seven year residential and corporate property contract.

The contract with the East Thames Group charity could be worth up to £100m over the initial seven year term, Interserve said, and included a option to extend it to fifteen years.

MoneyWeek

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

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

The contract covers repairs to residential housing and corporate buildings, estate services to the local areas, project works across the property portfolio, and building refurbishment between lettings.

Interserve will also provide a strategic asset management service, advising the charity on the most effective maintenance investments across its portfolio.

"This opportunity with East Thames Group broadens our residential maintenance portfolio," said Bruce Melizan, Executive Director at Interserve.

"[It] will allow us to support the charity in regenerating East London and Essex to create communities where people want to live."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.