UK Prepares Contingency Plans for Public Carillion Projects

14 January, 2018, 00:28 | Author: Franklin Nunez
  • Carillion has been awarded key contracts related to Expo 2020 in Dubai. Phil Noble  Reuters

Carillion, which is struggling under £900 million of debt and a £590 million pension deficit, denied the business plan had been rejected by stakeholders, but added that a restructuring could result in a debt for equity swap.

"Handing Carillion bosses a blank cheque bail-out is completely unacceptable", Ms Azam said, adding that the company had an "abysmal" track record on protecting workers.

EY, the accountancy firm, had been placed on standby to act as administrator to Carillion.

The company is the UK's second-largest construction company and a key government contractor.

In 2016 the Wolverhampton-based company, which employs 43,000 people globally, had sales of £5.2bn and until July boasted a market capitalisation of nearly £1bn.

A spokesperson for the Pensions Regulator said the organisation remained "closely involved" in discussions with Carillion and the trustees of its pension schemes.

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In a statement, Carillion said: "Suggestions that Carillion's business plan has been rejected by stakeholders are incorrect".

Ministers are drawing up plans to take over prisons contracts worth £200m from Carillion, .

The general secretary of the RMT rail union, Mick Cash, said Carillion's workers "should have protection and guarantees from the government, including an assurance that operations will be directly transferred over to Network Rail" if it goes bust.

A Government spokeswoman said on Friday: "Carillion is a major supplier to the Government, with a number of long-term contracts".

The company provides vital services to hundreds of schools.

However, no announcement has been made on a business plan to secure its future.

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Cabinet Office minister David Lidington hosted the summit of senior figures including Business Secretary Greg Clark and Chief Secretary to the Treasury Liz Truss.

Last week, the company was dealt a fresh blow when the City watchdog launched a probe into the "timeliness and content" of statements it made to the‎ stock market about is financial position between December 2016 and July previous year, when a massive profit warning sent its shares crashing by 75%.

Adding to the pressure on the small cap firm - which issued three profit warnings in less than six months past year and has seen its market value collapse by 90% - was a recommendation from broker Peel Hunt to sell the stock ahead of forthcoming newsflow.

"We are committed to maintaining a healthy supplier market and work closely with our key suppliers".

"We will not comment further unless it becomes appropriate to do so".

Further press reports earlier today said the government is being urged to bring Carillion into public control amid fears the construction company could collapse.

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