B
B
blueinsa
Guest
45,000 jobs at risk.
Paulpowersleftfoot
Well-Known Member
Dawnus as well
B
B
blueinsa
Guest
How do companies with huge government contracts, guaranteed work and money go bust like this other than sheer incompetence at senior management level?
Generally speaking, they put in an unsustainably low bid in order to get the business.
And the gov love the lowest bid.
Newman Noggs
Well-Known Member
And they do that to get the contract in order to award bonuses to those who negotiate it and pay inflated salaries to the executives who run it until its inevitable collapse before moving onto the next one.
Paulpowersleftfoot
Well-Known Member
15 March 2019
Dear Supplier
Interserve Plc • Interserve House Ruscombe Park • Twyford Reading • Berkshire • RG10 9JU
Telephone: +44(0) 118 932 0123 Facsimile: +44(0) 118 932 0206
info@interserve.com www.interserve.com
We recently updated you on our Deleveraging Plan, which was designed to strengthen the balance sheet and provide a stable platform from which we can grow and return to financial and competitive strength in the coming months and years. The plan was supported by lenders, bonding providers and pension trustees and anticipated a consensual outcome which would preserve some value for shareholders, whilst securing jobs and continuity of services for our customers.
However, our shareholders have not approved the Deleveraging Plan, so we are now implementing our alternative restructuring proposal, which is designed to achieve the same balance sheet and liquidity outcomes for the Group. It is anticipated that this carefully managed process will involve Interserve Plc going into administration and the sale then taking place of Interserve Plc’s business and assets to a newly incorporated entity (which intends to trade as Interserve Group Limited) owned by the lenders. No entities within the Group other than Interserve Plc will go into administration.
Our intention is to ensure business as normal by providing continuity of service to customers and suppliers, and to minimize disruption.
This alternative arrangement is a targeted implementation mechanism to effect substantially the same transaction with all the same benefits of the proposed deleveraging plan, including a right- sized balance sheet, access to £110 million of new money and access to £103 million of committed new bonding. Regardless of the mechanism to achieve this, the deleveraging outcome is a very positive one in terms of the stable platform created for future growth.
Since you are not a supplier of goods and services to Interserve Plc itself, the administration mechanism would have no impact on your trading relationship with the Group and it would not change your terms and conditions of trade with us.
Our customers and suppliers remain critical to our future, and your continued loyalty and support is paramount in delivering a stronger future together. Our intention is to ensure business as normal by providing continuity of service to customers and suppliers, as well as complying with all existing contractual obligations.
If you have any general queries regarding this letter, please contact your usual procurement colleague or procurement@interserve.com. Payment enquiries should be referred to your usual accounts colleague or ap.finance@interserve.com
Yours sincerely
Mark Whiteling
Interserve PLC, Group CFO
That’s the letter sent out yesterday
Dear Supplier
Interserve Plc • Interserve House Ruscombe Park • Twyford Reading • Berkshire • RG10 9JU
Telephone: +44(0) 118 932 0123 Facsimile: +44(0) 118 932 0206
info@interserve.com www.interserve.com
We recently updated you on our Deleveraging Plan, which was designed to strengthen the balance sheet and provide a stable platform from which we can grow and return to financial and competitive strength in the coming months and years. The plan was supported by lenders, bonding providers and pension trustees and anticipated a consensual outcome which would preserve some value for shareholders, whilst securing jobs and continuity of services for our customers.
However, our shareholders have not approved the Deleveraging Plan, so we are now implementing our alternative restructuring proposal, which is designed to achieve the same balance sheet and liquidity outcomes for the Group. It is anticipated that this carefully managed process will involve Interserve Plc going into administration and the sale then taking place of Interserve Plc’s business and assets to a newly incorporated entity (which intends to trade as Interserve Group Limited) owned by the lenders. No entities within the Group other than Interserve Plc will go into administration.
Our intention is to ensure business as normal by providing continuity of service to customers and suppliers, and to minimize disruption.
This alternative arrangement is a targeted implementation mechanism to effect substantially the same transaction with all the same benefits of the proposed deleveraging plan, including a right- sized balance sheet, access to £110 million of new money and access to £103 million of committed new bonding. Regardless of the mechanism to achieve this, the deleveraging outcome is a very positive one in terms of the stable platform created for future growth.
Since you are not a supplier of goods and services to Interserve Plc itself, the administration mechanism would have no impact on your trading relationship with the Group and it would not change your terms and conditions of trade with us.
Our customers and suppliers remain critical to our future, and your continued loyalty and support is paramount in delivering a stronger future together. Our intention is to ensure business as normal by providing continuity of service to customers and suppliers, as well as complying with all existing contractual obligations.
If you have any general queries regarding this letter, please contact your usual procurement colleague or procurement@interserve.com. Payment enquiries should be referred to your usual accounts colleague or ap.finance@interserve.com
Yours sincerely
Mark Whiteling
Interserve PLC, Group CFO
That’s the letter sent out yesterday
SilverFox2
Well-Known Member
Because their ability to make a profit is judged by people who think a budget is something to spend rather than something to make a profit from.
Ifwecouldjust.......
Well-Known Member
The Government gives them the contract.... if they make money at it they keep it ...... if they don't they hand it back or go into administration and the Taxpayer bails them out its a 'No Risk' deal to them ....... its called privatisation
M
M
mat
Guest
Bastards.
I've got worried members ringing me for updates. Union have had no official contact from the bunch of ****s, apart from an email version of the letter above.
I've got worried members ringing me for updates. Union have had no official contact from the bunch of ****s, apart from an email version of the letter above.