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From
The BBC» Outsourcing giant Interserve has failed to persuade shareholders to approve a rescue plan for the company.
Interserve said it would apply to the High Court later on Friday for the business to be put into administration.
Although the firm says services will continue as normal, its failure has sparked more debate over using private outsourcers for public services.
Interserve has 45,000 UK▸ staff, and 65,000 globally, cleaning schools, and running catering and building projects.
Shareholders voted 59.38% against the plan, which would have seen their stake reduced to just 5%, with lenders being handed the lion's share of the business.
Interserve said: "The board of directors of the company is convening an urgent board meeting to consider its options." However, the company added that "in the absence of any viable alternative" it is likely to formally apply to go into administration.
Accountants EY have been lined up as administrators.
EY is expected to carry out a so-called pre-pack administration, an insolvency procedure under which a company arranges to sell its assets to a buyer before administrators are appointed.
This means Interserve can avoid a Carillion-style collapse.
From
The RMT▸ Rail union RMT on confirmation Interserve has collapsed into administration
General Secretary Mick Cash said.
"The collapse of Interserve today was entirely predictable and is the direct result of the speculative and high-risk outsourcing model for public services. Nothing has been learnt by the Government from the failure of Carillion.
"RMT will be seeking urgent meetings to protect our members caught in the middle of this latest chaos and will be repeating the call for the Interserve work to be brought in house where it belongs. "
