Interserve - the next Carillion?

Discussion in 'SMB' started by Secret Visage, Jan 17, 2018.

  1. Lambchops

    Lambchops Striker

    Established customer client relationship, no payment issues over many years and we do about 500m revenue with them annually
     
  2. SPUFF

    SPUFF Striker

    The norm I would say now is 60, 30 if you’re lucky.
    If a big firm senses your desperate they’ll push for whatever.
    Then firms are forced to pay their lads late, hotels late, materials late or whatever and go pop.
    Or the big boy spunks money on bonuses etc then think shit we owe xxx off before xmas etc.
    Mental really.
    Folk thing starting a firm is just about getting business in, its not, its getting paid for the fecker n fighting people off till you do.

    Its still barmy when you think though mate. They could be in good health when a job starts n fecked 4 month later when cash is owed.
     
    Last edited: Mar 15, 2019
  3. Lambchops

    Lambchops Striker

    Oh aye, crackers tbf

    Depends on the type of business you're in as well mind
     
  4. SPUFF

    SPUFF Striker

    I guess. If its service v supply its a lot less outlay.
     
    Lambchops likes this.
  5. cluffy

    cluffy Striker

    Shite anyways. Well, at least since Fish left them
     
  6. Vote didn’t pass. Pre-pack administration now.
     
  7. pavarotti1980

    pavarotti1980 Midfield

    Well if they go the journey the government could use it as a tool to renew all the PFI contracts since Carilion and Interserve were 2 of the big players
     
  8. Just got a alert at work that their deal didnt get the go ahead. Priced a lot of work for the recently too
     
  9. Squat

    Squat Central Defender

    just seen what the plan was on bbc item. i heard they were giving their lenders shares to reduce the debt but didnt know that the existing shareholders would have been diluted to 5% of the company. no wonder they voted against it.
     
  10. wash

    wash Midfield

    Tidied
     
  11. The lenders are going to buy the company's assets and debt (essentially buying their own debt) in a pre-pack admin.

    It'll continue to run as a going concern, just with a new owner as of, probably, tomorrow.

    Now they have 0%, shareholders have essentially cut off their noses to spite their face.
     
  12. CW7

    CW7 Full Back

    Took me almost 8 months to get £600 off Tesco about 8 yr ago! The bigger the business the worse the payer in my eyes. Fooka’s
     
    Last edited: Mar 15, 2019
  13. The 2 largest shareholders have, but they are US hedge funds so probably win both ways - the smaller shareholders, employees for example are the ones who are really fucked on this
     
  14. Hardyman's Yugo

    Hardyman's Yugo Striker

    As an outsider, these private sector conglomerates delivering services to the public sector just seem too large and overblown. Interserve are responsible for everything from probation to construction, cleaning, catering etc...
    Is this the public sector being lazy by wanting all their services with a single provider, rather than parcelling services up into smaller packages and going to operators who specialise? The latter would give better service and imho value for money, harder to manage for the public sector bods though
     
  15. To some extent yes, but government tries to seek SMEs as well.

    Interserves problems stem from incredibly poor moves by the previous CEO into the energy from waste sector, that’s what’s ultimately scuppered the company.

    True, lots of smaller investors have got nothing. However it seems lots of those smaller investors didn’t bother to vote either.
     
  16. soapster

    soapster Striker

    same goes for council contracts. the heads don't have a scooby but rely lower down the food chain to bring to their attention. If somebody wants to supply a cheaper version of something as opposed to what is in the tender, the lower food chain will be asked. they will then go higher food chain and a note entered on file that request approved but no details of who approved and on what basis.

    this was a good few years ago so I hope things have been tightened up now
     
  17. Quite a few take on the NHS staff at the pointy end to do the day to day running.
     
  18. Wilfy

    Wilfy Striker

    The biggest shareholder is planning on buying some parts of the business from the administrator though so they won’t lose.
     
  19. DaveI

    DaveI Central Defender

    Kier will be next....I would have said Amey but I think the Spanish owners will have flogged them off before the axe falls.
     
  20. Wilfy

    Wilfy Striker

    Amey have been unofficially up for sale for a while now I think.
     

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