Outsourcing giant Interserve has failed to persuade shareholders to approve a rescue plan for the company.
Interserve has 45,000 UK staff, and 65,000 globally, cleaning schools, and running catering and building projects., which would have seen their stake reduced to just 5%, with lenders being handed the lion's share of the business. Interserve accumulated debt after construction project delays and a failed energy-from-waste project in Derby and Glasgow.The GMB union said Interserve's problems, which come after the failure of Carillion last year, showed it was"time to turn the tide on the disastrous experiment" of outsourcing public services.
Although Interserve's contracts are expected to continue, there is still concern for jobs in the supply chain. It sells services, including probation, cleaning and healthcare, and is involved in construction projects.
Who's next?
Bail it out and give the directors a big bonus. It's how free market capitalism works.
Time to stop outsourcing and keep public money in house.
governed by crooks. Public money into private hands.
Anther privatised..........
Privatisation hey 🤷🏾♂️🤷🏾♂️
When will they realise that outsourcing does not work?
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