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Wednesday 14 February 2018

Serco confirms Carillion health contracts on reduced terms

SercoSerco confirmed this morning that it has entered into a revised agreement with Carillion’s liquidators to acquire the outsourcer’s UK health facilities management contracts for £29.7m. The portfolio covers FM support services to over 50 NHS sites, including five acute hospital trusts.

Serco had originally signed heads of terms to acquire the contracts back in October (Serco to acquire Carillion’s healthcare contracts for £50m) but Carillion’s rapid demise rendered the agreement no longer legally valid. The liquidators PwC could have looked to sell the contracts elsewhere but opted to deal with Serco, albeit on reduced terms.

The new contracts will definitely help strengthen Serco in the health sector which accounted for approximately 10% (£355m) of annual revenues in FY16. However, H1 FY17 results (see here) highlighted a decline in its healthcare revenues following changes to two procurement services contracts, which were only partially offset by the start of its £600m hospital FM services contract with Barts Health NHS Trust (see here).

As we have highlighted in our new report UK Public Sector Supplier Prospects 2018 Serco has c.£500m worth of contracts (across all sectors) that could potentially expire in 2018. To return to a growth path in 2018 it needs new business to make up for any attrition and the Carillion contracts will definitely help. 

Posted by Marc Hardwick at '09:08' - Tagged: health   FM  

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