Hooray for outsourcing! Solving the nation's problems by hiving off public services to private companies!
https://www.ft.com/content/66fbadd2-e72d-11e8-8a85-04b8afea6ea3
"Like Carillion, the UK government contractor that went bust in January, Interserve is a construction company that made bumper profits maintaining schools and hospitals under PFI schemes, before moving into public services following the financial crash. It has been plunged into difficulty by a series of ill-timed acquisitions and by expanding into probation, healthcare and waste-to-energy contracts, areas in which it had no experience.
“Interserve seems to be on a downward spiral,” says Stephen Rawlinson, an independent analyst. “Suppliers and subcontractors are increasingly refusing to work for the company and that is leading customers and funders to question their support.” Interserve paid only 17 per cent of its invoices on agreed terms in the six months to 30 July 2018, according to Build UK, the industry lobby group. The contractor also took an average of 50 days to pay its suppliers."
https://www.ft.com/content/66fbadd2-e72d-11e8-8a85-04b8afea6ea3
"Like Carillion, the UK government contractor that went bust in January, Interserve is a construction company that made bumper profits maintaining schools and hospitals under PFI schemes, before moving into public services following the financial crash. It has been plunged into difficulty by a series of ill-timed acquisitions and by expanding into probation, healthcare and waste-to-energy contracts, areas in which it had no experience.
“Interserve seems to be on a downward spiral,” says Stephen Rawlinson, an independent analyst. “Suppliers and subcontractors are increasingly refusing to work for the company and that is leading customers and funders to question their support.” Interserve paid only 17 per cent of its invoices on agreed terms in the six months to 30 July 2018, according to Build UK, the industry lobby group. The contractor also took an average of 50 days to pay its suppliers."