Troubled pest control firm Rentokil is keeping bondholders in the dark regarding its recovery plans. Rentokil’s conglomerate-type structure – it has divisions encompassing security, cleaning and interior landscaping – has fuelled rumours of a break-up. Some also expect a takeover bid, possibly from Rentokil’s former chief executive officer.
The firm issued two profit warnings over the summer, and saw the chairman and CEO resign. Rentokil has a punishing near-term debt schedule: £818 million t