Last week we were being warned that Interserve was about to go bust:
Futures Forum: Knowle relocation project: how vulnerable is Honiton HQ builder? >>> "Interserve is likely to go into administration"
It just has:
Interserve shareholders vote against rescue deal | Reuters
Timeline: Interserve's path to administration | News | Construction News
However, it's still going to carry on - for the moment:
The company and the Cabinet Office, which oversees state suppliers, said there would be no disruption to the public services that Interserve manages and job losses were not expected in the short term and the pension scheme was protected.
Interserve’s chief executive, Debbie White, said: “Interserve is fundamentally a strong business and with a competitive financial platform in place we see significant opportunities as a best-in-class partner to the public and private sector.”
But the failure of another outsourcing firm, little more than a year after Carillion’s collapse, sparked fresh calls by trade unions and Labour’s business select committee chair Rachel Reeves for public services to be taken back in-house.
Interserve goes into administration after rescue deal rejected | Business | The Guardian
Now its competitors are looking to pick up some of the pieces:
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.
Another source said rival Serco was also considering a bid. Chief executive Rupert Soames is understood to be “watchful and interested” in the support services business in the interests of maintaining public services.
It is unclear how the Cabinet Office, which manages the outsourcing of public services, would view a rival taking over the business.
Rival outsourcers could buy out Interserve (IRV) support services business as Mitie (MTO) makes inquiries | City A.M.
The question for East Devon is what guarantees the builder of the new HQ in Honiton gave - as posed by the East Devon Watch blog:
Better hope new EDDC HQ is in good nick … | East Devon Watch