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    Carillion

    I was tempted to put in in another thread but the company touch so many different parts of the UK today I couldn't decide on one.

    Carillion the "facilities management and construction services company" is in a spot of financial bother

    "Carillion, which employs 19,500 people in Britain, has come up with a rescue plan which would involve handing back some loss-making contracts, revising the terms of others and potentially accepting financial support from the Government if it cannot secure it from private sector sources."

    #2
    My school is a PFI one now run by them, you do get a feeling from the way basic repair work isn't being done that things aren't right. When you speak to members of their staff and find out that invoices haven't been paid for months and that they are switching contractors because of this you realise that things are fucked and it's not just the staff who work for them that are going to be affected when they surely declare bankruptcy.

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      #3
      The taxpayer will bail them out. We always do.

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        #4
        I'm not sure we do, because of state aid rules.

        The Financial Conduct Authority are taking an interest over whether Carillion ought to have announced bad news earlier (ie before July when the share price collapsed after a profit warning).

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          #5
          The worst thing about this is the inevitable "HS2 contractor" stuff from people trying to shut that down. The same people will have likely said HS2 is just a giveaway to construction companies in the recent past. Simon Jenkins will be conspicuous among them

          It's got, as far as I can tell, £1.34bn of HS2 work. Like that can't be relet to somebody else, if need be.

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            #6
            A good friend of mine has a reasonably senior management role there. Fair to say they have some opinions on the way the company has been run in recent years.

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              #7
              Has their divided payment record been high of late? That always makes me a bit suspicious. I recall the HSBC investment lads were dead keen on Railtrack's great dividends, right up until it went down the crapper.

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                #8
                Something on dividends, not sure I understand.

                https://www.dividendmax.com/united-k...lion/dividends

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                  #9
                  Gone into liquidation today. Bernard Jenkin, Tory nodding dog, was on Radio 5 blaming the executives who put enriching themselves above the good of the company.

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                    #10
                    I was slightly surprised when I heard at the end of the piece that he was a Tory. I was brushing my teeth so may have missed a nuance.

                    Lot of people very worried today and a minority will deserve to be.

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                      #11
                      I was taken aback when I saw that Carillionís chairman is Philip Green. Apparently not the same one.

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                        #12
                        When they were Tarmac a pal of mine who did a fine art degree mainly welding metal sold a sculpture/fountain from the degree show that leaked amusingly in their foyer.

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                          #13
                          He was one of a hundred business leaders who urged people to vote Conservative in 2015 on the grounds that a tLabour Governement would “threaten jobs and deter investment” in the UK,

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                            #14
                            A mate of mine is owed £120,000 by Carillion for construction work on Liverpool hospital. He wasn't sure yesterday if he's going to see the money, and is naturally pretty panicked by this. Apparently Carillion were always terrible at paying creditors - typically taking 90 days.

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                              #15
                              I heard on Five Live that Carillion offered to pay sub contractors faster in return for a percentage reduction of the invoice. How the hell is that even legal? I heard 120 days was pretty standard for them. How is that legal too?

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                                #16
                                What can a sub-contractor do about it?

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                                  #17
                                  Carillion joke at work:

                                  "Shame about Carillion- I quite liked Kayleigh"

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                                    #18
                                    Originally posted by Snake Plissken View Post
                                    What can a sub-contractor do about it?
                                    Vote for a Government that would make this sort of thing illegal? A "pro - business" party ho ho.

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                                      #19
                                      Originally posted by Felicity, I guess so View Post
                                      Carillion joke at work:

                                      "Shame about Carillion- I quite liked Kayleigh"
                                      Darn, I visited this thread solely to say 'it started going downhill for them when Fish left'. Too slow.

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                                        #20
                                        Don't worry, there are approximately two thousand variations on the joke doing the rounds.

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                                          #21
                                          The companies who have made millions short-selling Carillion had access to privileged Government information. Blacokrock emploed the former Changellor on a retainer of £650000 a year for a day's work a week. Another winner is marshall Wace Marshall was the founder, and chairs the Board of Trustees of the independent research institute the Education Policy Institute. For over a decade he was also Chairman of the EPI's previous form, think tank CentreForum.[16]

                                          He is a founder trustee of ARK and chairman of ARK Schools, which is one of Britain’s leading providers of academies and has also played a pioneering role in developing new programmes for inner city education.[17] Other initiatives spun out of ARK include Future Leaders, Teaching Leaders, Maths Mastery, English Mastery, Frontline and Now Teach. He is also a founding trustee of the charity Every Child a Chance.[18]

                                          He was appointed Lead Non-Executive Director at the Department of Education in 2013.[19]

                                          Whilst the Tory former pensions minister has tweeted that the "2016 Carillion annual report says dividend ‘has increased in each of 16 years since formation of company’; Is this really acceptable alongside a pension fund deficit over half a billion pounds?"

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                                            #22
                                            There should be a word in The Meaning of Liff for the feeling when you hurriedly scan a thread to see if anyone has already made a gag, don't spot it so plough ahead only to see it three times just after you press 'post'.

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                                              #23
                                              <cough>Carphone Warehouse</cough>

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                                                #24
                                                When right-wing economists tell me there is no such thing as neoliberalism – that it is a figment of the left’s imagination, a meaningless insult or a catch-all phrase – from now I’m just going say the word Carillion”
                                                Paul Mason. Now writing for Novara Media



                                                For what we know for sure about outsourcing is that when times are good and profits are to be had it’s shareholders that benefit, but when crisis hits and losses mount it’s the public that picks up the bill one way or another.

                                                Like the bailout of the banking sector, it’s a model that privatises profits and socialises risk.
                                                Labour's Jon Trickett in the Independent

                                                Whilst in Sunderland. where Local Government has been hugely hollowed out by austerity, the redevelopment of the Vaux Brewery site is threatened by the collapse of Carillion.




                                                Croydon intends to take back its libraries from Carillion



                                                Whilst that nice Hedge fund owner's chain of academy schools are in the red

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                                                  #25
                                                  Private sector know-how!

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