Interserve

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LE
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This company via a PFI managed to bankrupt an NHS trust which resulted in over 200 staff from the department I worked in losing their jobs over a 2 year period (2012-2014).
In order for me to avoid redundancy in late 2014 I moved to another NHS Trust.
Interserve deserve everything they get.
Still being awarded contracts (even today) because if Government stopped that would be curtains.

Then there are things like this:

Interserve: EfW client reduces claim over credit fears

What utter shit. They haven't "reduced" the claim at all, just flexed the accounting treatment of the money they are hoping to gouge to reflect the iffy nature of Interserve.
 
There is a reason why proper data centre people not only do snap power cut exercises but program computers to flip the main switch at random intervals. (Google "Chaos Monkey" or "Simian Army") But if you wanted that you wouldn't hire InterCrapSerIllion would you?
I had that when tasked with implementing a DR plan, including fail over servers and redundancy of data etc

One of the directors just decided to unplug the live server to see what would happen, didn't tell us he was going to do it of course

The first we knew was when in the notes of a meeting we weren't invited to, there was mention of a successful test of the new DR implementation
 
So do local business. PFI scemes mean schools pay to the roof to have relatively minor work done, instead of getting local builders, plumbers, electricians, chippies, etc to put in a quote. This noncompetitive practise can only be detrimental to the wider economy.
I don’t think local tradesmen are the answer. The quality is far to varied, availability is an issue, they can’t carry the liability required and they are just as prone to price gouging.

My preferred solution is contractors who self-perform with an employed workforce. There aren’t many left who do because of the overhead.

My other observation is that the maintenance industry misses PSA. There was a lot wrong with it, but PSA did properly train tradesmen and particularly trade supervisors. Of course the costs fell to the taxpayer, but hardly anyone is investing in training maintenance tradesmen any more.

Certainly not the likes of Interserve, but then, when they have to bid at near zero margins to win work, how would they be able to afford training?
 
Interserve will also employ St Helenians who its amazing how many qualified tradespeople they have on such a small island! They can also pay them less than a UK sourced employee. But its DIO who are at fault. Certainly in some areas they have no SME's and rely wholly on the contractor through its long serving employees have been there a long time so whatever they say must be correct.......emmm, no!
 
Me thinks the writing is on the wall!
And with everything going on with Brexit and the Government, I don’t think the forefront of their minds will be to help out here!
Interserve forced into new rescue talks
 
Me thinks the writing is on the wall!
And with everything going on with Brexit and the Government, I don’t think the forefront of their minds will be to help out here!
Interserve forced into new rescue talks
More on the BBC on this,

Major government contractor 'seeks rescue'

IMHO, Interserve are as good as dead in the water. This has probably come out over the weekend as the stock markets are closed. Their shares are unlikely to be worth the paper they are printed on come Monday.
 
Funny thing is as i got a request to do a short term contract for them the other day. Having worked with them previously and highlighted when i left some "advice" that they could undertake to improve how they do business where i was working, i wasn't too surprised they approached me. I turned them down mainly because the figure i want i know they would not pay and the reasons i left have not changed. The above link just goes to confirm the fact.
 

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LE
More on the BBC on this,

Major government contractor 'seeks rescue'

IMHO, Interserve are as good as dead in the water. This has probably come out over the weekend as the stock markets are closed. Their shares are unlikely to be worth the paper they are printed on come Monday.
Yep. Traditional death spiral.

60% drop this morning based off these glad tidings of usual BS and "debt restructuring"

(AKA "OK yes we really are fcuked and can hide it no longer")
 
I have heard that their problems are not being helped by debtors short paying on invoices in the hope that they will collapse before forcing full payment.
 
Yep. Traditional death spiral.

60% drop this morning based off these glad tidings of usual BS and "debt restructuring"

(AKA "OK yes we really are fcuked and can hide it no longer")
If ever there was case where an equivalent to Chapter 11 should be available it’s this.

Interserve’s position is fundamentally different from Carrillions.
 

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LE
I have heard that their problems are not being helped by debtors short paying on invoices in the hope that they will collapse before forcing full payment.
We were "invited" to bid for a subbie role on one of their larger and less thsn glorious contracts about 6 months ago.

Sales team gagging ( "Good business, lots of potential....") but our Credit & Risk mob just laughed.

Our CFO eventually told them to get stuffed
 

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LE
"Although the form of the deleveraging plan remains to be finalised, it is likely to involve the conversion of a substantial proportion of the Group’s external borrowings into new equity, an element of which may be sold to existing shareholders and potentially other investors. If implemented in this form, the deleveraging plan could result in material dilution for current Interserve shareholders."

That's better than just kicking the can down the road with an expensive debt restructuring alone but not going to create a wave of happiness and confidence of itself.

Unless of course HMG ends up....but no that's obviously not going to happen.

Sigh.
 
Does this impact on Landmarc at all? Genuine question, although I am not personally involved.
 
Be interesting to see what happens with all the PJOB's if it all goes Pete Tong. Interserve supports the FM on Cyprus, Ascension, Gib and Falklands.
 
Yep. Traditional death spiral.

60% drop this morning based off these glad tidings of usual BS and "debt restructuring"

(AKA "OK yes we really are fcuked and can hide it no longer")
The speil is always the same when a company is in it's death throes. I would imagine the directors, etc are asset stripping the company of anything they can before the final coup de grace sometime this week.
 
Good time over Xmas it happening with the outcome of Tuesday's vote still being discussed. While it will be headline news, it wont get too much comment with other items overtaking it.
 
Does this impact on Landmarc at all? Genuine question, although I am not personally involved.
Not really as the Landmarc contract is, I am led to believe, financially separate from Intereserve.

As for Carillion Amey, Interserve is a joint venture with PAE (large US company).
 
Not really as the Landmarc contract is, I am led to believe, financially separate from Intereserve.

As for Carillion Amey, Interserve is a joint venture with PAE (large US company).
Thanks.
 

mercurydancer

LE
Book Reviewer
Am I being cynical but have the big companies like Interserve and Carillion have a plan to basically pack up and eff off leaving the contracts dead, with very little penalty when they can't financially rape the NHS and others any more?
 

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