so basically they're bust

[grahams]

The other way to look at it is the government (so us taxpayers) are getting jobs done at less than cost, so why not keep sending the work their way and save the money?
Any idiot can buy work, but it takes a special kind of idiot to do it repeatidly and still keep going with more and more financing. I’m worried enough being a subcontractor, but I would be really worried if I worked direct for them. Cost cutting has been huge. One base I go to had 8 office staff, now down to one. Another has a huge open plan office where there used to be at least 60 people. Now down to 4, it’s like the Marie Celest going in there. The four are in a far corner with just a sea of empty desks in front of them. As you can imagine, moral is pretty low. There is even rumours they will get screwed over the company pension.
Graham

[V8Druid]

Originally Posted by grahams

The other way to look at it is the government (so us taxpayers) are getting jobs done at less than cost, so why not keep sending the work their way and save the money?
Any idiot can buy work, but it takes a special kind of idiot to do it repeatidly and still keep going with more and more financing. I’m worried enough being a subcontractor, but I would be really worried if I worked direct for them. Cost cutting has been huge. One base I go to had 8 office staff, now down to one. Another has a huge open plan office where there used to be at least 60 people. Now down to 4, it’s like the Marie Celest going in there. The four are in a far corner with just a sea of empty desks in front of them. As you can imagine, moral is pretty low. There is even rumours they will get screwed over the company pension.
Graham

That's not cost cutting .... that's fire fighting ... with a water pistol

as for pensions .. looks like they already have been ......

" Carillion’s pension deficit (net of taxation) reduced by £76m to £587m (31 December 2016: £663m), due to an increase in asset values and a reduction in inflation rates. Since the half year, Carillion has told the pensions trustee that discretionary increases in pension payments will be withdrawn and this will reduce the group’s pension deficit by a further £80m. Carillion is also in discussions with its principal pensions trustee about basing future pension increases on CPI rather than RPI, which could potentially reduce the deficit by a further £120m. "

http://www.theconstructionindex.co.u...losses-top-1bn

Bottom of page

[V8Druid]

and yet they're still being propped up .... as Gra said ... too big to be allowed to go

http://www.theconstructionindex.co.u...cial-regulator

make yourself indispensable and get away with murder, virtually

[scoffcruddle]

They are now

http://www.theconstructionindex.co.u...to-liquidation

[doobin]

Holy crap!

[budgie]

KARMA.......

Feel for all the employees, past staff, some sub-contractors will suffer others will benefit.

Some sub-contractors will have taken work on under the onerous one sided contracts with clauses that are in favor of Carillion.

Having been sat in final account meetings with the excuses and cash tap being turned off.......good riddance to there practices, trouble is others will step in....

[topkit]

Who the F**k is their Finance director he should be struck off and never be allowed near another business but then again i anm sure he is alright jack The problem is the company was simply way too big with it's fingers in too many different pies, you cannot have a decent control of a business doing such diverse jobs from Construction to rail to School Dinners too many people not enough control and communication it should never have been allowed to swallow up lots of other companies, It's also linked to the city, I have had first hand experience in two flourishing companies ( not construction) that the city got involved in and both times it ended in tears, believe me the Hedge funders would have made millions from this happening, i feel sorry for all of the supliers of materials and people that won't get paid, i do not believe that everyone is going to come out of it OK. It will be iinteresting to see who gets appointed to lead an investigation on how and why this has been allowed to happen.

[Regy53]

So come on, this is a big deal

How many sites are closed

who hasn't been paid? plant hire, contractors and so on

who has lost their job

whats the knock on effect, these guys look after 50000 homes, thats not easy to pick up

[MchaleBuildingServices]

Seen reports of all constructions sites are locked and everyone told they have no job and can only collect their small tools.

It just seems massive companies can go under with no one taking responsibility and very little happening to those in charge, who will more than likely walk straight into another high powered big money position and somehow still end up with a pay off due to contract deals regardless of everyone else getting shafted

[grahams]

I contract to one of their joint ventures which in theory should be okay as the partner is equally liable. As I’m owed about £30,000 and they are a week late on a payment I’m holding my breath at present. Unfortunately they have a near monopoly on the type of work I do so it is difficult to reduce expose without losing 90% of my work.
I’m obviously not doing any more work until the money starts to flow again, but it is a worrying time.
Graham