CANADIAN JOBS AT RISK: UK contractor Carillion collapses in liquidation
16 January, 2018, 01:26 | Author: Kristen Ingram
Carillion previously sponsored an academy trust, but the Carillion Academies Trust recently separated from the firm after it decided that the Trust was in a position to develop without the sponsorship of a commercial company.
"We did decide that taxpayers can't be expected to bail out of a private sector company, particularly when their troubles arose the most part from a side of their business that's nothing to do with United Kingdom government contracts", he added Monday.
David Birne, insolvency partner at chartered accountants H W Fisher & Company comments, said in a statement that it is extremely unusual for a company of Carillion's size to opt for liquidation rather than administration. "The Government needs to open up public sector construction contracts to small and micro firms by breaking larger contracts down into smaller lots".
Carillion needed £300m of short-term funding from the end of this month, and its banks had previously indicated that they were reluctant to provide it without significant support from the Government.
The construction group's lenders are not the only creditors facing financial pain from its collapse.
Hedge funds Bodenholm Capital and Coltrane Asset Management, which both also disclosed bets against Carillion shares to the FCA, made 4 million pounds each from shorting the stock since the July warning, Reuters calculations show.
The crisis at the company has already drawn stinging criticism aimed at ministers from Sir Vince Cable, the Liberal Democrat leader, and Jon Ashworth, Labour's shadow health secretary.
The company is a large public sector contractor, holding £1.4bn worth of HS2 contracts, managing 875 schools and responsible for maintaining large parts of the NHS, including 200 operating theatres.
It is also engaged in building the Aberdeen Bypass as well as schools across Britain. It's after the accountancy firm was appointed following an unsuccessful weekend of survival talks with the government.
Less than a year ago Carillion Telent signed a £1.5 billion agreement with Openreach to extend its national fibre broadband network, taking its contract into 2021.
For workers it adds: "Notwithstanding the liquidation, the company will continue your employment on the same terms and conditions as before". Its pension plan has a deficit of 587 million pounds.
It had been targeting a number of disposals aimed at generating £300m, including that of its Canadian operations, are progressing more slowly than originally anticipated.
"This company issued three profit warnings in the last six months yet despite those profit warnings the government continued to award government contracts to this company".
Richard Howson quit as CEO at the time of the profit warning after five years in the role.
Firstly, of course, it's only right to express our dismay at these events and to extend our deepest sympathies to the thousands of Carillion employees now facing an extremely uncertain and worrying future.
"It suggests there is little, if anything, of value within the company to be saved".
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