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Public sector outsourcing rocket 53% in 2018 despite struggles

Tue, 15th Jan 2019 09:54

(Sharecast News) - GMB union has launched the Go Public campaign to reduce the outsourcing of public services which has risen by 53% in 2018 despite the struggles of many operators in the market and the Carillon collapse last year.In 2017/18 the lifetime value for the contracts was £95bn, up from £62bn the year before. With a special increase coming from the central government (up 144%) and further and higher education (up 126%).Capita which incidentally issued a profit warning in 2018, was one of the biggest winners of public outsourcing said the union, receiving contracts worth almost £1.4bn in 2017/18.Meanwhile Interserve, which issued two profit warnings in just two months at the end of last year, took £450m worth of contracts.The union this week launches its Go Public campaign which calls for an end to outsourcing and privatisation in UK public services and for a better deal to the taxpayer.Rehana Azam, GMB National Secretary, said: "What this shows is despite the tragic fiasco of Carillion, the government hasn't learned its lesson."The Conservatives are hell bent on privatisation and outsourcing our public services - regardless of the consequences."What other explanation can there be for this huge increase on outsourced contracts in the year Carillion went bust and when other outsourcing giants look like they're on life support?"
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5 Mar 2019 13:27

Interserve Refuses To Halt Deleveraging Plan After Coltrane's Request

LONDON (Alliance News) - Interserve PLC on Tuesday said a proposal received from Coltrane Asset Management LP would require it to immediately halt the implementation of its previously announced it

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4 Mar 2019 18:19

Interserve Considers Updated Proposal From Coltrane Asset Management

LONDON (Alliance News) - Interserve PLC on Monday said it is considering an updated proposal from Coltrane Asset Management LP.Shares in Interserve closed down 11% at 15.80 pence on the of

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27 Feb 2019 10:46

WINNERS & LOSERS SUMMARY: Ocado And M&S Top And Tail FTSE 100 After JV

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINNERS----------Rio up a

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27 Feb 2019 10:10

Interserve Loss Narrows On Costs Cut, Seeks Deleveraging Plan Approval

LONDON (Alliance News) - Interserve PLC on Wednesday said cost reductions under its Fit for Growth restructuring plan helped to narrow its loss in 2018, and urged shareholders to vote in favour of

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27 Feb 2019 09:33

Interserve seeks to win over investors with new rescue deal

(Sharecast News) - Interserve, the troubled government contractor, has updated its proposed rescue package as it looks to win over investors and stave-off a Carillion-style collapse.

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22 Feb 2019 16:20

Interserve receives mystery 'proposal' from Coltrane

(Sharecast News) - Interserve said it has received and is considering an "outline proposal" from major shareholder Coltrane Asset Management.

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22 Feb 2019 16:14

Interserve Remains Committed To Achieve Deleveraging Plan

LONDON (Alliance News) - Interserve PLC on Friday said it remains committed to achieving a consensual deleveraging plan as it received an outline proposal from Coltrane Asset Management.The

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15 Feb 2019 09:54

PRESS: Interserve's Shareholder Deadlock Could Result In Liquidation

LONDON (Alliance News) - Interserve PLC's spat with its biggest shareholder over a debt-for-equity swap with lenders could potentially force the outsourcing company into liquidation, the a to

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12 Feb 2019 09:31

Interserve Executive Director Steps Down Amid Shareholder Coup

LONDON (Alliance News) - Interserve PLC said on Tuesday that Executive Director Dougie Sutherland will be leaving the company's board with immediate effect, and then Interserve itself on is of

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6 Feb 2019 10:39

WINNERS & LOSERS SUMMARY: Ocado Expects Hit To Sales Growth After Fire

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINNERS----------Barratt

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6 Feb 2019 08:42

LONDON MARKET OPEN: Barratt Shareholders Gain, Interserve's Wiped Out

LONDON (Alliance News) - London stocks got off to a slow start on Wednesday, taking a pause after Tuesday's impressive rally. Barratt Developments was among the best in the a

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6 Feb 2019 08:27

Interserve agrees debt deal, faces vote to replace board

(Sharecast News) - Interserve on Wednesday said it had agreed a debt deal with its lenders but had also received a letter from a 5% shareholder requesting a general meeting to remove the entire board, apart from chief executive Debbie White.

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6 Feb 2019 08:24

TOP NEWS: Interserve Shareholder Wants Steinhoff Executive Installed (ALLISS)

LONDON (Alliance News) - Interserve PLC on Wednesday confirmed a shareholder is seeking to remove its entire board, bar the CEO, while it has also agreed a plan to issue a significant amount of of

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6 Feb 2019 07:46

LONDON MARKET PRE-OPEN: Barratt Profit Up; Interserve Gets Debt Deal

LONDON (Alliance News) - Stock prices in London on Wednesday are set to pull back from Tuesday's rally, while the pound remained below the USD1.30 mark after disappointing UK data released in

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4 Feb 2019 06:55

PRESS: Interserve To Swap GBP300 Million Of Debt For New Shares - Sky (ALLISS)

LONDON (Alliance News) - Interserve PLC is closing in on a rescue deal to swap almost a half of its debt for shares in the company, Sky News reported late Sunday.The news website said the

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