Interserve owed PwC and Grant Thornton over £1m at collapse

According to documents filed with Companies House, support services and construction group Interserve owed a total of £1.17m to accounting firms PwC and Grant Thornton when it went into insolvency.

The £676,000 owed to its auditor Grant Thornton and the £493,000 owed to PwC were among the biggest debts left to creditors when the company entered administration in March. In total, the contractor owed £100m to its creditors.

Interserve suffered financial problems which led it to issue profit warnings in 2017. It then entered a period of refinancing and restructuring in March 2018, however its situation worsened and after a debt-for-equity plan was rejected in March it went into administration.

In April, the FCA announced it had launched an investigation into the audit by Grant Thornton UK LLP of the financial statements of Interserve Plc for the years ended 31 December 2015, 2016 and 2017.