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2014-11-10 RMT-001
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RMT warns of threat to Caledonian Sleeper as SERCO shares go into freefall


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RMT

RMT warns of threat to Caledonian Sleeper as SERCO shares go into freefall
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2014-10-30 Serco appoints Managing Director to run the iconic Caledonian Sleeper franchise (Serco Group)

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date
10 November 2014
source RMT
type Press release



Immediate

RAIL UNION RMT today warned of a serious threat to the future of the Caledonian Sleeper as shares in the company selected to run the service, SERCO, went into freefall.

SERCO bosses today warned that the scandal-hit outsourcing firm is facing two more “difficult years” as a result of a series of spectacular and costly failures in recent years. As a result the company's profit forecasts have been slashed for this year and next and the value of the business has been written down by £1.5 billion.

Shares slumped by a third as a result.

The scandal-hit company only emerged from a ban on Government contracts earlier this year, just before the sleeper award, following revelations that it had been charging the British taxpayer for monitoring criminals who were dead, in prison or never tagged in the first place.

RMT General Secretary Mick Cash said ;?

“RMT has said from the off that SERCO’s toxic recent history in the delivery of contracts, including failures that have resulted in Serious Fraud Office investigation, render them unfit to run public services and that includes the iconic and important Caledonian Sleeper.

“The profits warnings and share collapse today also raise serious questions about the financial stability of this company as they seek to plug massive holes in their balance sheet. For our members this creates uncertainty about jobs and conditions and raises a huge question mark over the whole future of the Scottish sleeper service.

“The award of this contract to a company that should never have been anywhere near it reinforces the call for public ownership as the only way to end this lottery on our railways.”


ENDS

Further information

Geoff Martin 07831 465 103
0207 255 9146


Railhub Archive ::: 2014-11-10 RMT-001





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