Scottish investor Alan McIntosh is in line to recoup some of his Interserve investment as a chunk of the outsourcing firm is sold.
The founder of Punch Taverns and Cairn Homes was reported in 2018 to have bought £140 million of Interserve's debt through his Emerald Investment Partners family office.
Interserve's collapsed in February last year with £800 million of debts and was acquired out of administration by its creditors in a pre-pack deal. That left Emerald Investment as one of its largest shareholders. Other major creditors included majority state-owned RBS and HSBC.
Rival firm Mitie today confirmed it is preparing a package worth £270 million to take over Interserve's facilities management division.
Emerald Investment is thought to have bought Interserve's debt on favourable terms as a refinancing deadline loomed for the outsourcer at the end of March 2018.
Along with Interserve's other former creditors, it would share £120 million in cash and a 23.4% stake in Mitie under the takeover deal announced today.
McIntosh co-founded Punch Taverns in 1997 and was involved with its London IPO in 2002. He also co-founded Irish housebuilder Cairn Homes, which floated on the London Stock Market in June 2015 valued at €440 million.
Emerald Investment, which lost out to Heineken and Patron Capital in a bid to buy Punch Taverns in 2017, holds stakes in Cairn Homes, medical research firm Innovive and a portfolio of real estate including hotels in UK ans Ireland.
