Interserve staff braced for more redundancies

Grant Prior 2 years ago
Share

Interserve staff are facing another round of redundancies following the first wave of job cuts which started this week.

The Enquirer first revealed that around 200 jobs are set to go as part of the ongoing “Fit for Growth” cost-cutting drive.

But documents sent to staff this week – and seen by the Enquirer – reveal further redundancies in the pipeline.

The email is in a Q&A format and one questions asks: “Will there be any more redundancies after this round?”

Interserve states: “The Company is facing substantial financial challenges.

“As you are aware, we are undertaking a wide-ranging review to identify how we can restore the company to profitable growth, under the Fit for Growth programme.

“It is likely that further organisational changes will be required in future phases of the Fit for Growth programme and some of these changes may result in further redundancies.

“Employees will be kept informed as the Fit for Growth programme develops.”

The document also asks: “Why is this happening in the run up to Christmas?”

Interserve said: “Unfortunately, there is never a good time to go through these types of processes.

“We need to make cost savings during 2017 in order for us to meet our financial commitments to our lenders.

“We aim to tell people potentially impacted as soon as possible, so that they are aware of this before the start of December.”

Another question asks: “How long will the cost saving measures and restrictions be in place?”

Interserve states: “These measures and restrictions are designed to improve our financial position, once it is felt that we’ve made sufficient progress, we would expect some easing of restrictions.

“However, we do need to ensure that we have the right overall business cost structure which will support profitable growth.”

Interserve has experienced a torrid time since posting a loss of £94m last year.

The group delivered its latest profit warning last month as it battles not to breach bank loan covenants.

Interserve declined to make any official comment.

Latest news

Galliford Try Partnerships buys northern builder

£62m turnover Strategic Team Group to be renamed Galliford Try Partnerships Yorkshire
12 hours ago

FRP Advisory appointed Shaylor administrator

Administrator confirms around 200 redundancies at collapsed Midlands contractor
17 hours ago

Buckingham bags relief road for HS2 village

New route will spare Northamptonshire village from site traffic
45 mins ago

Scape slashes firms on next generation Venture framework

Venture Framework contractors cut from 13 to six firms
17 hours ago

Kier cutting 1,200 jobs and selling housing arm

Contractor quitting non-core operations as debt levels rise again
22 hours ago

Shaylor staff laid-off by Sunday morning email

Over 200 staff to be axed as directors confirm Shaylor is heading for administration
1 day ago

Willmott Dixon margin hits 2.8% as profit soars

Group builds cash reserve to weather further Brexit project delays
1 day ago

Multiplex brings profit back on track

Profit recovers to £18m on revenue of £1.1bn
21 hours ago

Roof safety horror show lands contractor in court

Photos show roofers risking their lives after HSE had already served a stop notice
23 hours ago

United Living wins £18m Poole tower blocks revamp

Project Admiral will see four housing tower blocks upgraded
1 day ago

Shaylor files notice of intent to appoint administrator

Subcontractors walk off sites as Midlands contractor seeks extra finance
4 days ago

Bidders day for £900m Heathrow rail tunnel project

Planned 6.5km rail link between the Great Western Main Line and London Heathrow Airport
4 days ago

Grenfell: 75% of unsafe blocks still to be reclad

Owners of 328 high rise blocks still need to complete remediation
4 days ago

Building products firm Alumasc issues profit warning

Problems at Levolux division cast shadow over upcoming results
4 days ago

Wooden football stadium plan rejected

Council rejects Forest Green Rovers plan for Zaha Hadid designed new ground
5 days ago

Flannery Plant Hire spends £30m on Cat machines

Huge deal signed at Plantworx exhibition
4 days ago

Boost your online presence – join the Enquirer Directory

Site for suppliers and buyers showcases products, services and latest stories
1 year ago

£1bn Stratford East Bank scheme clears final planning

Cultural and education centre in Olympic Park ready to go
5 days ago

Ringway wins £420m road maintenance deal

Highways England East Region contract could last 15 years
5 days ago

Hammerson unveils new Birmingham city quarter plan

1,300 homes and 1.4m sq ft of workspace planned for Martineau Galleries site
5 days ago

Planning row sees roads blocked on Persimmon site

Council blocks construction traffic to housing site
5 days ago

Tolent lands £84.5m Durham Milburngate contract

Contractor bags one of its biggest ever deals with main construction work set to start shortly
6 days ago

Government commits to net zero carbon by 2050

Industry must quickly rise to the challenge of improving the existing building stock
6 days ago

Extra week to put forward your favourite construction firms

Construction Enquirer Awards deadline extended: Enter online now
1 week ago

Wates ramps up FM offering with new business

Wates FM will target public sector work and wider spectrum of private clients
6 days ago

Worker killed by remote-controlled crane

Lift goes fatally wrong on National Grid site
6 days ago

Lendlease to start Manchester Potato Wharf phase 2

Castlefield scheme consists of two eight storey blocks
6 days ago

Wood drafted in for Hinkley Point C technical services

New Hinkley technical support deal to improve project delivery and commercial performance
6 days ago

Post Brexit skills shortages to push up tender prices by 4%

Consultant Arcadis predicts cost inflation rise in 2022
6 days ago

Robertson shuts “umbrella” employment on housing job

Workers moved back onto PAYE following union complaints over construction charter breach
7 days ago

Contractor services