Carillion To Go Into Liquidation

[mikey4444]

http://www.bbc.co.uk/news/business-42687032

1000's of jobs at risk....I wonder if this will finally kill off HS2 ?

[mikey4444]

Just heard that Carillion took over Tarmac, Mowlem, and McAlpine. Can you imagine how the news would have looked if all 3 of those companies had gone bust on the same day !

[douglas9401]

They have.

[mikey4444]

And this Government was still giving Carillion public contracts, even though the company was in serious trouble. Someone needs to explain that in Parliament today.

[cassa333]

Definitely overstretched themselves.

Knowing the mindset of big builders I bet you there was a lot of empire building and back slapping when they took out huge loans and got big contracts.

They have a lot of government contracts and I bet there are a few red faces inspecting thier shoes right now for not doing the due diligence bit. But that's what you get for putting too many eggs in one basket.

The real shame of it will be the redundancies at the lower end. Hopefully with the upturn in housing they will be able to get other work.

[gulliver1]

And this is before Brexit , is there more doom and gloom to come.

[mikey4444]

Cassa........who wants a bet that Carillion paid its executives £m's, right up until the last minute ?

[emmie]

surely there is going to be a serious bailout, so many people from large corporations to relative small fry that rely on them.

[Old_Geezer]

Didn't take long for someone to try to pin this on Brexit, did it.

[douglas9401]

We're still paying for the 'experts' who ruined the banking industry Emmie, maybe a different approach is needed.
Maybe start with asset stripping of the board and their hangers on, just to get everyone's attention.

[cassa333]

That's odds on Mikey.

In the construction industry that I am familiar, even what would once have been department managers in regional offices are now directors on huge salaries with HUGE bonuses tied to profits.

Backhanders are rife and smug self congratulations abound.

[mikey4444]

It probably doesn't have much, if any connection with BREXIT. Construction companies go bust all the time.

But its the pervasive nature of Carillion that is now giving concern. It has its fingers in many areas of British life.....its not just a few brickies and chippies that will be effected.

There is also all the pensioners that will need to be rescued by the Pension Protection Fund.

This is as serious as it gets.

[gulliver1]

Geezer , Several companies have said they are going to relocate elswhere in EU because of Brexit ,many financial services, Deutche Bank, Barclays, Diagio,Goldman Sachs,Lloyds of London, Microsoft ,Smiffys , and many others , taking UK jobs with them .

[Old_Geezer]

Folk at the top play business as a game. Win or lose they're safe and can play again. It's more serious for the masses who rely on the board & upper management to get things right.

[emmie]

Gulliver
seeing is believing,

[Old_Geezer]

They can say what they like. It's opportunistic to turn threads into antiBrexit ones simply because you're pessimistic about it's opportunities.

[mikey4444]

OG....yes, 100% correct.

The Fat Cats will walk away from Carillion with their pockets stuffed with dosh, while all the 10,000's of ordinary people, with ordinary jobs, will be wondering where their wages will be coming in or not.

[naomi24]

Gulliver, established companies might be opening offices in EU countries but they aren’t ‘relocating’. That's nothing more than stupid scaremongering.

[mikey4444]

Lets not convert this news item into a BREXIT discussion.

There are serious questions that the Government needs to answer today

[gulliver1]

08. 41 these companies that ARE going to leave the UK BECAUSE OF brexit are thriving Companies, that employ thousands of workers. This is without the ones that will go into liquidation.

[EDDIE51]

I wonder if this will finally kill off HS2 ?
We can but hope. If it does at least some good will have come out of this mess. HS2 is the biggest money pit for decades.