Monday, 19 February, 2018

Carillion collapse: Wolverhampton council to step in and pay school caretakers

SaskBuilds says APP will ensure maintenance services are in place for a new Saskatchewan hospital with no additional cost Carillion collapse: Wolverhampton council to step in and pay school caretakers
Preston Stone | 17 January, 2018, 01:43

"When the dust settles on this sorry saga, there is also a wider lesson to learn about the concentration of public contracts in the hands of a small number of very big businesses", he said.

RBS said in a statement it judged Carillion's restructuring plan was not viable and so it made the hard decision not to make further funding available to the 200-year-old business.

December 13, 2017 - Carillion said it had reached a deal to sell a large part of its United Kingdom healthcare facilities management business to outsourcing group Serco, helping it cut debt by £41.4m.

Taxpayers should not and will not bail out a private sector company for private sector losses or allow rewards for failure, he said.

Alexandra Bailey, the council's director for property, assets and investment said: "We expect school staff will be in work as normal today but, if this does not happen, we will provide school lunches to schools needing support, and the fire service are on standby to deliver them".

In effect Carillion, chaired by former water company boss Philip Green, had become a mammoth Ponzi scheme in which the cash promised or received for newer contracts was effectively being used to cover up the black holes on the older contracts.

The hospitals have service contracts with Carillion, the unions said, adding the workers are among the 6,000 Canadian workers affected by the Carillion liquidation.

Sure enough, Shadow Cabinet Office minister Jon Trickett has been quick to exploit the misfortunes of Carillion's workforce and pensioners, asking what "due diligence measures were undertaken before awarding contracts worth billions of taxpayer money".

The company owned around 450 government contracts, including hospital and defense construction projects, the maintenance of almost half of the UK's prisons, the delivery of dinner to 30k schoolkids a day, and overseeing the development of Britain's new high-speed rail line. BT Group Plc's shares tumbled previous year after its pension deficit widened.

And of course, there are those 43,000 workers, nearly 20,000 of whom are based in the UK.

Snow and sleet forecast for North Somerset
Met Eireann , finally, has advised everyone to monitor the forecast on Wednesday onwards for any related weather warnings. Outlook for Wednesday to Friday: Windy and cold throughout, with sunny spells and wintry showers on Wednesday.

However, as evidenced by the rise in the value of shares with Carillion's main competitors, it is a virtual certainty that these contracts will be filled without too much fuss.

Shares in rivals such as G4S, Interserve, Balfour Beatty and Kier Group advanced on hopes they would pick up some additional work.

"But we also had a report from PwC, who are working as the special managers for the Official Receiver, that took us through the advice they are providing to concerned employees and contractors on their website and through their helpline". It is now the world's second-largest outsourcing market behind the United States.

He said: The House will conclude it was recklessly complacent in seeking to avoid responsibility for the Government and placing the whole responsibility on the company.

Various joint venture partners and subcontractors have already revealed the extent of the damage the Carillion collapse has caused.

Andrew Wilkinson, a restructuring specialist at law firm Weil, said there was a serious issue about the pricing and profit recognition on long-term contracts.

He told Reuters he felt he had been misled.

Thousands of employees across Lancashire have been left in limbo along with rail electrification work in the wake of the Carillion crisis.

Klein said the scale of the industry's exposure was not yet clear but he gave the examples of a small Northern Irish engineering contractor owed 150,000 pounds and a concrete frame manufacturer in northwest England owed 2 million pounds.

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