It is not entirely clear why Interserve should have chosen to put its equipment services division up for sale in February. RMD Kwikform, which dates back to the old RM Douglas construction group, seems like the best performer among Interserve’s three divisions, having delivered an 8 per cent return over the past 15 years, with margins in excess of 20 per cent and providing a third of the group’s profits.
It was not exactly up for sale but was the subject of a “strategic review”, which plainly asks potential buyers to form an orderly queue. No good enough offer was forthcoming, one must assume, since the board of Interserve has taken the view that the company remains the best owner for the business.
Instead, action