Government in crisis talks over company that provides vital services to schools

Government in crisis talks over company that provides vital services to schools

Government in crisis talks over company that provides vital services to schools

A Government spokeswoman said: "Carillion is a major supplier to the Government with a number of long-term contracts".

A Government spokesperson repeated a statement given to Sky News last weekend which said it was "committed to maintaining a healthy supplier market and work closely with our key suppliers".

Carillion reported a first-half pre-tax loss of £1.15bn in September, while it announced just before Christmas that its lenders had agreed to defer a test of its borrowing agreements from 31 December to 30 April.

The firm's share price has plunged by more than 90% over the past year.

"We will not comment further unless it becomes appropriate to do so".

Carillion is holding crisis talks with United Kingdom government representatives on Friday, which Sky News said were aimed at safeguarding the more than 28,000 pension scheme members who face potential cuts to retirement payments should Carillion fail.

"The company has kept us informed of the steps it is taking to restructure the business".

Concerns over the potential imminent collapse of construction group Carillion has led to crisis talks over its 13 United Kingdom defined benefit (DB) schemes, according to reports.

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Carillion, one of the UK's largest construction companies, is on the brink of collapse - but what does it do?

But bailing out a private company like Carillion, which paid out dividends to its shareholders a year ago, won't play well with taxpayers. It also has contracts in many other industrial sectors.

Jon Trickett MP, Labour's shadow minister for the Cabinet Office, responding to talks on the future of Carillion, 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". This should include the possibility of bringing contracts back in-house.

The general secretary of the RMT rail union, Mick Cash, said Carillion's workers "should have protection and guarantees from the government, including an assurance that operations will be directly transferred over to Network Rail" if it goes bust.

As well as employing 19,500 people in the United Kingdom, it is one of the main contractors for HS2, the government's flagship infrastructure project, and provides services for schools, the armed forces, and road projects for the Highways Agency.

The company was contracted to construct HS2, the high-speed rail link, although the costs of that project and Carillion's current state will prompt speculation regarding the project.

"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".

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