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Denise Lloyd

Carillion

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According to the FT Carillion could well go into Administration as early as tomorrow which could well mean the loss of thousands of jobs not just direct employees but also the thousands of sub contracted employees.

Should this be allowed to happen?

Should the Government bail them?

There are so many unanswered questions not least of all why have the Government continued to give them contracts when they should have known about the Company's financial state - due dilligence? 

The Banks have continued to prop them up why?

Whichever way this goes it will affect the whole country

Government holds crunch meeting with Carillion - Financial Times

11 hours ago - The fate of Carillion, one of Britain's largest construction companies, looks set to be decided at a crunch meeting with government figures at 10am on Sunday. The meeting was brought forward as Downing Street grappled with the implications of the potential collapse of the group, which has numerous 

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Yes another cock-up by the financial wizards running Carillion Totally out of control buying up loads of well known British names over the years  Mowlem, Alfred McAlpine and John Laing. The company spent several weeks attempting a merger with rival Balfour Beatty. It was revealed as a subscriber to an illegal construction industry blacklisting body, The Consulting Association (TCA).

 

Chairman Philip Nevill Green CBE (born 12 May 1953) is a British business executive.[1] He became Chairman of Carillion[2] in May 2014 and has been Chairman of BakerCorp[2] since June 2011, following the company's acquisition by the private equity firm, Permira. Green is also Chairman Designate of Williams & Glyn, the UK challenger bank that is being divested by Royal Bank of Scotland.[3] From 2006 to 2011 he was executive of the United Utilities[2][3][4] when he was succeeded by Steve Mogford, and was the chairman of the shipbroker, Clarkson.[5] He advised British prime minister David Cameron on issues such as corporate responsibility.[6] In addition, he has supported several charity projects including charity Sentebale[7] and the charity Hope Through Action.[8] He graduated from the University of Wales and got a master's degree in business from London Business School.[2] In January 2018 Carillion, a company chaired by Green, announced that the Financial Conduct Authority was investigating the timeliness and content of the company's announcements from December 2016 regarding its financial situation.[9]

Green was appointed Commander of the Order of the British Empire (CBE) in the 2014 Birthday Honours for services to business and charity in the UK and South Africa.[10]

 

Considering the expertness of these top business leaders expect other companies to crash. As Vince Cable said yesterday - "Privatise the profits and Nationalise the losses" - remember he was the man to sell off the undervalued public service Royal Mail for a song. The £180 million giveaway would have been very useful for the NHS.

 

 

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As Vince Cable said though they have become like banks , getting too big to fail. If they go down or bailed it will hurt either way in as much as the taxpayer will foot the bill either way . Those at the top will be sitting pretty either way . The UK is in such a mess at the moment it will just add to the mix.

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Shareholder enjoy taking the money when the company is doing well ,shouldn't they and the Banks therefore take the hit when they have allowed them to get into this position . Cannot have it both ways . We all know that if as ordinary members of the public working hard paying our bills etc. we had a financial problem the Banks would be down on us like a tonne of bricks. It's a crock of ..........!

Surely the Company are advised by Financial wizards or should Megaland and Bobby47 take over the decision making when it comes to financial matters.

 

I do feel very sorry for the employees but I do wonder if they also have been on the gravy train ?

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Nobody should bail them out.

Allow to fail, lessons to be learnt, shareholders and banks will suffer, not so much the taxpayer.

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Government will not be bailing them out and I don't think that the tax payer should foot the costs for their poor administration. I deal with Carrilion on a business level and they are a nightmare to deal with!

 

There are guarantees for projects in place, so the ongoing projects should be divided between all the other partners and any other company who is able to quote and fulfil the contracts. 

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https://t.co/FHi0nwCZWL

Whistleblower warned Carillion bosses about irregularities, MPs told

Emma Mercer raised accounting questions shortly after becoming construction finance chief

 

Sadly an altogether very familliar scenario nowadays

Edited by Denise Lloyd

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