Interserve staff braced for more redundancies

Grant Prior 6 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

Osborne staff start looking for new jobs

"Open to Work" flags appear on LinkedIn profiles
1 day ago

Plan rejected for 42-storey tower above historic building

Councillor describes as ludicrous plan to build 300 flats above Georgian mansion
2 days ago

Ventilation deal could hike product prices for contractors

Watchdogs at CMA launch probe after duct firm acquires rival
2 days ago

Tide gets go-ahead for London 412 student flats scheme

Volumetric developer secures planning for West Ealing project
1 day ago

Green light for £75m Friar Gate Goods Yard in Derby

Construction set to start this summer on revamp of historic buildings
1 day ago

Robertson to deliver £45m Newcastle NHS Trust works

Capital works will be focused on Freeman Hospital and the Royal Victoria Infirmary sites
1 day ago

Winners named for £2bn Healthy Homes framework

CHIC reveals line-up of over 40 firms for net zero and building safety works
2 days ago

Plan lodged for tallest skyscraper outside London

Developer Salboy submits plan for 76-storey Manchester resi tower
2 days ago

Curo starts £170m race for new homes framework

Bath housing association plans to build up to 300 homes a year
2 days ago

Gove approves major Cambridge North mixed-use scheme

Government backs controversial scheme of 424 flats and 600,000 sq ft of tech and lab space
2 days ago

Pontins holiday park to house Sizewell C builders

Suffolk holiday park to house 500 nuclear construction workers
2 days ago

Adrian Bloor targets 1,000 homes-a-year

Expansion plans after major investment into challenger house building business HarperCrewe
2 days ago

Housing firm fined £528,000 after cable strike

Maintenance workers given no information on underground services
3 days ago

Berkeley subbies face six weeks without payments

Introduction of new finance software means payment hiatus for suppliers
4 days ago

Pagabo reveals 56 winners of latest £1.6bn retrofit deal

Decarbonisation Solutions Framework launched: Full list of winners
3 days ago

Go-ahead for £100m Liverpool Love Lane flats

500-flat scheme will be built across four blocks in Vauxhall area of city
3 days ago

Unions win HS2 site access battle at Old Oak Common job

Skanska, Costain, Strabag JV now the last denying unions access to HS2 sites
3 days ago

Contractors jack 1,100t viaduct into place in 13-hour operation

158m-long composite deck structure jacked into place 10-hours ahead of schedule
3 days ago

Wates wins former Daily Mail printworks transformation

British Land advances major cultural venue at London’s Canada Water
4 days ago

Mace poaches Ramboll chief to be Head of Engineering

Martin Feakes will develop civil and structural engineering offer at Mace
4 days ago

Subcontractors form alliance for major civils jobs

Trio of specialists join forces to collaborate and offer Tier 1 contractors a turnkey solution
4 days ago

Fear of supply chain failures boosting collaboration

Procurement survey also reveals project bank account use is rising
4 days ago

Wates sets up business to target 160,000 mouldy social homes

Healthy Homes service will be offered to social landlords across England
5 days ago

Higgins wins £75m Peabody Passive House job

Latest phase of Deptford Landings to start construction
5 days ago

Contractors and unions agree Sizewell C working deal

New deal offers improved sick pay and parental leave over Hinkley Point deal
5 days ago

Competition chiefs win legal fight for more construction raids

High Court rules CMA officials can raid a domestic property as part of investigation
5 days ago

More Osborne companies file administration notices

Three more divisions lodge notices with court
6 days ago

McLaren wins multi-storey urban logistics contract

South London win with British Land is pioneering urban logistics hub
6 days ago

Big social housing schemes at risk over funding uncertainty

Housing associations warn uncertainty over public funding beyond 2026 is curbing new schemes
6 days ago

Kier wins Worcestershire town centre renewal

Firm secures Bromsgrove commercial and cultural hub project
5 days ago

Contractor services