Accounting watchdog to investigate audits of outsourcer Interserve’s financials by Grant Thornton April 11, 2019 Britain’s accounting watchdog has started investigating the audits of Interserve by Grant Thornton, weeks after the outsourcer collapsed into administration. The Financial Reporting Council (FRC) said this morning it is looking into Interserve’s accounts in 2015, 2016 and 2017. Read more: Interserve begins its new life as a private company Last month, Interserve finally collapsed into [...]
Mitie ‘would be foolish’ not to consider buying Interserve’s support services arm, says chief Phil Bentley March 28, 2019 The boss of outsourcer Mitie has confirmed the company has expressed an interest in buying Interserve’s support services business. Speaking to City A.M., chief executive Phil Bentley said reports that the company was looking to cash in on Interserve’s collapse into administration were a result of Mitie “registering an interest”. Read more: Mitie's order book shrinks as [...]
Mitie’s order book shrinks as outsourcing sector battles ‘undoubted challenges’ March 28, 2019 Mitie’s shares slid this morning as it announced its order book had thinned by around one-tenth in the last year amid tricky conditions for outsourcers. Chief executive Phil Bentley said the decline was part of a shift towards “adding more value and services to our top clients,” as the firm continues to battle headwinds from several [...]
Whitehall must overhaul public sector outsourcing in wake of failures, says think tank March 28, 2019 The government should rethink the way it outsources public services, but banning the practice would be “throwing the baby out with the bathwater,” according to research. In a report, Reform think tank has called for more training for civil servants who hand out public contracts to the private sector in the wake of a raft [...]
Interserve cleaning staff to vote on strike action amid union complaints of ‘culture of fear’ at Network Rail stations March 26, 2019 Interserve cleaning staff at Network Rail stations are preparing to vote on strike action after the firm allegedly imposed a “culture of fear,” according to the RMT union. The rail union said this morning it would ballot around 300 facilities management workers for strike action after it received complaints of bullying from its members. Read [...]
Interserve client Viridor mitigates against bigger hit on energy from waste plant March 25, 2019 Interserve client Viridor has increased the provision on its £72m claim against the firm, after delays and issues with the building of a Glasgow waste-to-energy plant. Viridor’s parent company Pennon today said after monitoring Interserve’s financial position in recent months, it had doubled the provision from £8m to £16m. The claim is against Interserve’s construction [...]
Interserve wins £76m oil and gas contract despite falling into administration days ago March 18, 2019 An Interserve subsidiary has won a $100m (£76m) contract to carry out maintenance on oil and gas sites in Abu Dhabi, days after its parent company was forced into administration. The outsourcer will replace firewater pumps and liquid sulphur loading systems at offshore and onshore sites owned by Abu Dhabi National Oil Company (ADNOC). Read [...]
Outsourcer Interserve begins trading as a private company after shares suspended March 18, 2019 Government supplier Interserve has today embarked on a new chapter as a private company, after its shares were removed from the London Stock Exchange. The ex-FTSE 250 mainstay went into administration on Friday after shareholders rejected a plan to alleviate most of its £630m debt pile, which would have seen their collective stake in the [...]
Rival outsourcers could buy out Interserve services business as Mitie makes inquiries March 17, 2019 Interserve’s uncertainty continued over the weekend as rivals expressed an interest in buying the most profitable part of its business. It is understood fellow outsourcer Mitie contacted Interserve’s administrator EY over the weekend, as well as a consortium of banks and hedge funds which now own the firm, about buying its support services arm. Read [...]
Outsourcer Interserve falls into administration after shareholders reject rescue deal March 15, 2019 Interserve has fallen into administration after shareholders roundly rejected a rescue deal designed to relieve it of a more than £630m debt pile. The public outsourcer has announced it expects to fall into the hands of administrators after investors voted to reject its proposed deal by 59 per cent to 41 per cent at a general meeting this morning. Earlier [...]