Construction firm involved in HS2 collapses

Jon Ashworth

In the wake of this news, a number of Carillion's contracts will be taken on by other company's while others are expected to be renationalised.

A deal could not be agreed, and the firm, which employs almost 20-thousand people in the United Kingdom, has revealed the board says it has no choice but to take steps to enter into compulsory liquidation with immediate effect.

Carillion is part of a consortium that won a GBP1.4 billion contract to help build Britain's High Speed 2 railway on a year ago. Carillion contracts include major undertakings like high speed rail project HS2, Network Rail and hospital projects like the Midland Metropolitan Hospital and Royal Liverpool Hospital. Reports suggest that the firms are still in the design phase of the deal, and detailed proposals are due to be submitted by the end of 2018.

Company chairman Philip Green described the development as a "very sad day" for the company's staff, suppliers and customers.

Jim Kennedy, from the union Unite, said: "What is being discussed behind closed doors today has a real impact on each and every one of us".

'We understand that HM Government will be providing the necessary funding required by the Official Receiver to maintain the public services carried on by Carillion staff, subcontractors and suppliers'.

"It's time for businesses large and small across the United Kingdom to speak up about the reality of Brexit and what it will do to our jobs, our wages and our families".

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Branding itself as the "leading integrated support services business", Carillion is a contractor which manages large-scale projects, such as building hospitals, on behalf of the public and private sector.

"The Government has continued to spoon-feed the company taxpayers' money by awarding them yet more contracts".

"It's regrettable that Carillion has not been able to find suitable financing options with its lenders, but tax payers can not be expected to bailout a private sector company", Theresa May's spokesperson said on Monday after the firm's collapse.

"The administrator must provide reassurances on these to the workforce as a matter of urgency, and also that vital public services on which many depend will continue to be provided".

In the statement, Lidington urged employees to continue coming to work.

He said some services previously supplied by Carillion would be offered to alternative contractors.

Carillion, which has been in discussions with stakeholders and creditors for almost a week, said these were continuing as it battles for survival following several profit warnings and a first-half loss of more than GBP1 billion ($A2.0 billion).

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