Carillion on verge of collapse?

[Gavin John Hyde]

Just heard Carillion might be in some serious financial difficulty...
They have loads of contracts supplying electricians on all sorts of contracts from HS2 to major rewire projects for social landlords. i worked for them a few years back.
Might affect quite a few people on the forum... Likewise if you are owed money chase your invoices up now in case they do go belly up. Also have it in back of your mind if you take on work sub contracting to them that money might not be forthcoming..
According to the article online they are seeking financial support... I suspect it will come as they do loads for the government and too many jobs would be at risk if they collapse. If the politicians can save the banks then they might find it a hard job to not bail out a major employer like carillion.
Stricken HS2 contractor Carillion in urgent fight for survival - https://news.sky.com/story/stricken-hs2-contractor-carillion-in-urgent-fight-for-survival-11197537

 

[jay sean]

Wow they are a big company, with Amey, they look after all the maintenance on most of the army camps, RAF bases and Navy yards

 

[PEG]

There is no "might be" about their predicament - they have wiped 90% off their value in 1 year that would be the worst second-hand car,you ever owned

In 2 weeks,we will know whether or not their lenders,want to pile future bookings,on a sinking cruise ship...

 

[netblindpaul]

Let them fail, ensure that the directors and those in charge are made accountable personally and financially.

 

[Squid]

Let them fail, ensure that the directors and those in charge are made accountable personally and financially.

That will never happen........

 

[Squid]

Major mismanagement I believe the FCA are looking in to them and they have until April to sort thing out like selling off assets and going back to core business practises also Government contracts are dire on paying on time and will ignore 30 day terms as they have you by the gonads (am I allowed to use that word) Mitie also had a few issues last year how did that pan out for them?

 

[Gavin John Hyde]

This time though its the governments pet project HS2 that will derailed (see what i did there! ) it would be an embarrassment if that collapsed given the political capital they invested in to it.
I saw on news there is talk of swapping debt for shares in the company but both would effectively be a bad option right now.
In the post banking collapse world though you can guarantee that if it collapses the directors will be held liable in civil actions by shareholders, employees unions etc and be banned from working as directors again in future. They can also now be forced to pay back bonuses going back years. so watch this space...

 

[Squid]

Asset stripping time, what pies do Carillion have their fingers in and will some foreign company come in to "rescue" them.

 

[Gavin John Hyde]

Asset stripping time, what pies do Carillion have their fingers in and will some foreign company come in to "rescue" them.

They are tryign to flog most of their american assets but people seem not very keen, they know if they wait for them to go in administration they can get the juicy bits even cheaper without the debts...

 

[PEG]

Assets have been up for sale-no takers,and you struggle to strip,debts and contract obligations.
Nope,it is a familiar cycle,which is repeated once again,whilst we try to look shocked

 

[Leesparkykent]

I'm not sure if it's sill in
Place but they went from 90 day payments to 120 day payments for subbies...There is no way I would ever consider working under these terms. Imo they deserve what may happen but it's the 20 odd thousand people they employ I feel sorry for. I very much doubt the government would let them collapse....If the proverbial hits the fan then I bet the government will wade in with pockets full of cash. They are involved with too many government projects like HS2.

 

[Strima]

As as ex-forces living under their quarter maintenance contract all I can say is happy days.

Bunch of ***** have screwed over serving personnel and their families for several years and deserve all they can get.

Management saw an opportunity for a quick buck and its backfired. Boo hoo.

 

[dmxtothemax]

Quote - [ Let them fail, ensure that the directors and those in charge are made accountable personally and financially. ]
Will never happen my friend,
They all have professional indemnity insurance as part of there package.
And even if it does end up in court,
99% of the time they do get away with it.
So the odds are in there favor.

 

[Malcolm]

My training partner is in the RAF and he has told me loads of stories about them coming in to repair things in their house and at the air base. They bodge the job then have to come in a few months later and have to try to do it again. And so it goes on.

 

[buzzlightyear]

over stretched I think, the government should have given the work out to other company's, or kept the work in house .
a company like that sub contract out to other company's
I bet the share holders are s**ting themselves &the banks

 

[Strima]

IIRC when bidding Carrillion undercut Babcocks by around 28% when bidding for some MOD contracts, and you wonder why they're going under...

Rather than do the work themselves they relied on subbing it all out and they tried to act as a management company. And got it massively wrong.

 

[Squid]

IIRC when bidding Carrillion undercut Babcocks by around 28% when bidding for some MOD contracts, and you wonder why they're going under...

Rather than do the work themselves they relied on subbing it all out and they tried to act as a management company. And got it massively wrong.

Got greedy like all of these outsourcing companies.

 

[Pete999]

Finally gone ----- up then according to the news this morning, no rescue bids.

 

[Squid]

Finally gone ----- up then according to the news this morning, no rescue bids.

They will have to bail them out in the short term, prison, hospital, running the subsidised restaurant and bar in the House of Commons........... feel sorry for the workers who through no fault of their own get bum raped.

 

[telectrix]

government bailed out the banks . they've turned round. why not do same for carillion...... gov. buy shares , and have a part holding in the company.

 

[Squid]

government bailed out the banks . they've turned round. why not do same for carillion...... gov. buy shares , and have a part holding in the company.

Carillion paid out dividends in the last few years, doesn't look good if the Government step in to help them out, banks collapsing affects Joe Public, savings vanish, debts and loans called in so the lesser of two evils.

The company ----ed up, going bust I suppose gets them off the hook on the pension side of things which is about £500M.

 

[static zap]

...... gov. buy shares , and have a part holding in the company.

And control the mess they will make of HS2 ,race to the bottom again !
( School humour -A..,bandits)

 

[Strima]

This just says it all to me:

 

[PEG]

Carillion paid out dividends in the last few years, doesn't look good if the Government step in to help them out, banks collapsing affects Joe Public, savings vanish, debts and loans called in so the lesser of two evils.

The company ****ed up, going bust I suppose gets them off the hook on the pension side of things which is about £500M.

Nope,they have stated £700M,which means in a years time,it will be at least half as big,again.

At least we know the ship is sinking,rather than have some cruise manager,telling us "sailing at an angle improves the view" (post#3)

 

[Squid]

Made sure they ring fenced the directors pay........

 

[telectrix]

why not divert some of the blackmail cash the EU want, or better still, make sure the EU have an ongoing commitment to contribute a billion ( if not , i know a good forger ).