caused by mistakes on pay. The firm admitted in November 2014 that its homecare business was less profitable than expected, and that it was struggling to recruit and retain sufficient numbers of care workers. In March 2016 Mitie came under fire for its management of the immigration centres after the prison inspectorate said the facilities were “dirty”, “rundown” and “insanitary”. In 2016 shares in Mitie fell to a four-year low after the company warned that an expected boom in outsourced services wasn’t happening. In 2015 and 2016 it was reported that Mitie was one of the most shorted stocks in the FTSE 250. McGregor-Smith announced in November 2016 that it was withdrawing from the healthcare business, providing home care for the elderly, because spending cuts and rising employment costs had made it unviable. In November 2017 the Financial Reporting Council (FRC) announced an investigation into the financial statements for the year ended 31 March 2016. This led to the disclosure in the Annual Report for 2017 that there had been errors in the impairment testing of healthcare goodwill and that, if certain judgements had instead been treated as errors, the amount of the prior year adjustment disclosed in the 2016 results would have increased by £44.0 million. This disclosure had addressed the FRC's concerns. In December 2017, following a string of three profit warnings in the space of four months, McGregor-Smith stepped down from her role with the outsourcing group, and was replaced by former managing director of British Gas and current Chief Executive Phil Bentley. In June 2020, Mitie announced it was to buy Interserve's 40,000-strong facilities management business in a cash and shares deal worth £271m, later revised downwards to £190m. The deal had to be ratified by Mitie's shareholders and was completed on 1 December 2020. In January 2021, the firm ran into criticism over the management of a Covid-19 testing site it was contracted to run in Inverness, after several workers contracted the virus. During the COVID pandemic, Mitie added a wide range of services, including running Covid-19 testing sites, cleaning offices and major transport services, and providing security for new quarantine hotels. The firm continued to work with Government departments such as the National Health Service, Department for Work and Pensions, the Ministry of Defence, and education providers. Operations Mitie stands for Management Incentive Through Investment Equity. Mitie's business model was originally about taking 51%