Britain’s defence ministry will take back direct control of the operation and development of the country’s nuclear weapons from a consortium of Lockheed Martin, Serco and Jacobs Engineering in June 2021, it said on Monday.
Reuters 2nd Nov 2020 read more »
Serco had a dismal start to the week. The outsourcer admitted it had been stripped of a government contract to run the facilities that make nuclear warheads. The Ministry of Defence has decided to take back control of the Atomic Weapons Establishment (AWE) from a group including Serco – which had a 24.5 per cent stake – as well as American firms Jacobs and Lockheed Martin. It will be renationalised next June, turning it into an ‘arms-length body wholly owned by the Ministry of Defence’ and cutting short a 25-year contract handed out at the turn of the millennium.
This is Money 2nd Nov 2020 read more »
Shares in Serco plummeted this morning after the outsourcing giant confirmed that the government had taken back management of its atomic weapons development facility. Shares dropped nearly 12 per cent as markets opened as traders digested the news.
City AM 2nd Nov 2020 read more »
The loss of a nuclear submarine contract has increased the pressure on Serco, the outsourcing group working on the government’s troubled track-and-trace scheme. Shares in Serco fell sharply yesterday after the Ministry of Defence said that it would renationalise the management of the Atomic Weapons Establishment, which operates and develops Britain’s nuclear warheads.
Times 3rd Nov 2020 read more »