Carillion ‘recklessly’ misled markets before collapse, says UK watchdog November 13, 2020 The Financial Conduct Authority (FCA) has today announced that it intends to take further action against failed outsourcer Carillion for “misleading” shareholders with false information. In a warning notice published today the watchdog said that a number of senior executives were “knowingly concerned” in numerous breaches of market rules, and had acted “recklessly”. These include [...]
G4S and Gardaworld trade blows as takeover spat continues November 12, 2020 G4S and Gardaworld have exchanged fresh blows as a long-running spat over a potential hostile takeover of the British security firm drags on. This morning the Canadian firm, which has been trying to engineer the purchase of G4S for months, said that North American regulators had cleared the way for the merger to go ahead. [...]
Mitie shares bump as firm cuts price of Interserve deal by £80m November 4, 2020 Mitie has reduced the terms of its acquisition of outsourcing rival Interserve’s facilities management arm by over £80m, the firm announced this morning. When the deal was announced back in June, it was set to cost Mitie £271m, but the firm will now issue 110m fewer shares to finance the deal. As a result, it [...]
Mitie-Interserve deal to face competition probe September 15, 2020 The UK’s competition watchdog today announced that it was launching an investigation into whether Mitie’s acquisition of fellow outsourcing giant Interserve’s facilities management business could damage competition. Back in June Mitie signed a £271m deal with its rival for the division, which will create a giant new entity with more than 80,000 employees. The move [...]
Capita extends £355m deal to manage congestion charge August 10, 2020 Outsourcing giant Capita today announced that it had extended three contracts with Transport for London (TfL) in a deal worth £355m. Under the contracts, Capita will continue to run London’s Congestion Charge, Low Emission Zone (LEZ) and Ultra Low Emission Zone (ULEZ) until October 2026. Shares in the firm rose three per cent this morning [...]
Outsourcing giant G4S to cut 1,150 jobs in restructuring July 13, 2020 Outsourcing giant G4S will cut more than 1,000 jobs as part of a restructuring of its cash solutions division, the firm today announced. In total the firm will get rid of 1,150 roles, with most of these expected to fall in the cash handling division. The redundancies, which were first revealed by union GMB, were [...]
Mitie snaps up Interserve facilities arm to create outsourcing giant June 25, 2020 Mitie will buy the facilities management arm of rival outsourcer Interserve for £271m, the company announced today, creating a new business with nearly 80,000 employees. The move will make the company the UK’s largest facilities management group, and see Mitie increase its interests in the country’s lucrative outsourcing industry. The acquisition, which was confirmed this [...]
Serco returns to UK growth as outsourcer puts woes behind it December 12, 2019 Public services outsourcer Serco’s UK revenues have returned to growth for the first time since 2013. Six years ago, revelations emerged that the company had charged taxpayers to monitor released prisoners who were actually dead or still in jail with electronic tags. Read more: Serco fined £19m for government tagging contract fraud It became part of [...]
Construction disputes rise as Carillion fallout continues to hurt industry December 5, 2019 The number of construction disputes in the High Court has increased in the last year, as contractors struggle with tougher trading conditions, according to research. The UK’s specialist Technology & Construction Court (TCC) heard 397 construction related disputes in the year ending 30 June, the third consecutive annual rise. Read more: Reforming public procurement can [...]
Amey to offload two business units as Spanish owner Ferrovial works towards sale December 3, 2019 Amey, one of the UK’s biggest providers of outsourced public services, is said to be looking to hive off two of its business units as part of plans by its Spanish owner to sell the company. The firm, which employs about 17,000 people, has reportedly hired advisers to sell its environmental services and utilities divisions, [...]