Carillion Puts Administrators On Standby Should Talks Fail

A Carillion sign o the edge of a construction site

Carillion said on Friday it remained in "constructive discussions" with its creditors and suggestions that they had rejected its business plan were incorrect.

It has previously been reported that EY is on standby for an administration.

And it and has several major contracts for managing public facilities, including West of Scotland Housing Association.

Unions have called on the Government to intervene to safeguard almost 20,000 jobs that are now at risk.

Shadow business secretary Rebecca Long-Bailey said: "The collapse of Carillion could provoke a serious crisis".

Sky News revealed last weekend that Carillion needs hundreds of millions of pounds within weeks to survive. We urgently need to know just how exposed the Scottish Government and the public purse is if Carillion were to collapse.

The firm is part of the consortium building the Aberdeen Western Peripheral Road (AWPR).

"The thousands of workers with Carillion and those in the supply chain servicing its contracts across the public sector will be desperately anxious about the future and they too need to be reassured by the Scottish Government as a matter of urgency".

Employing 19,500 people in the United Kingdom alone, Wolverhampton-based Carillion is the second-largest supplier to Network Rail and maintains approximately half of the UK's prisons as well as roughly 50,000 homes for the Ministry of Defence.

The firm is a key government contractor for projects including the HS2 high speed rail scheme, schools and prisons.

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Carillion, which has had to contend with a slowdown in many of its major markets, has seen its share price plummet from 230p a year ago to less than 15p on Friday.

United Kingdom ministers decided against providing a direct financial bailout to Carillion and were likely to be "lukewarm" about the latest rescue effort, Sky reported citing unidentified government sources.

The government has said it was "monitoring the situation closely".

"You can see that one the one hand, it's in everybody's best interest that Carillion continues, but at the same time it's hard to chart a way forward".

Transport Scotland said that Carillion had "no intention of withdrawing" from the AWPR project, and that the consortium delivering the route "remains committed to completing it in accordance with the contract". The long-awaited route is due to be finished this year following lengthy delays.

Carillion's worsening health could put some of its 19,500 United Kingdom employees' jobs at risk.

The GMB union has called on the Government intervene and protect Carillion workers' jobs and pensions - rather than focussing on bailing out the private company.

Labour frontbencher Jon Trickett said: "It has been clear for months that Carillion has been in difficulty but the Government has continued to hand over contracts to the company even after profits warnings were issued".

Carillion declined to comment on Sky News' report.

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