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Carillion Crisis
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Old 11-01-2018, 22:40   #1
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Carillion Crisis

Carillion, a major contractor in the public sector, is close to collapse.

https://news.sky.com/story/regulator...epens-11203432

https://www.ft.com/content/1b4ab6aa-...5-e94187b3017e

Quote:
Senior ministers from across most of Whitehall gathered on Thursday to discuss the plight of Carillion amid fears the ailing contractor is close to collapse.

David Lidington, Cabinet Office minister, convened the afternoon gathering of senior figures including Greg Clark, business secretary, Jo Johnson, transport minister, Liz Truss, chief secretary to the Treasury and justice minister Rory Stewart to discuss the possible demise of the construction and services group.

Also present were ministers from the culture, health, education and communities departments as well as the Foreign Office.

The scale of the meeting reflects the importance of Carillion to the government given its contracts with numerous departments, and in particular justice, transport and defence. These will need to be replaced — or taken in-house — if the company collapses.

Alongside work on the HS2 rail link, Carillion provides facilities management for schools as well as services for the armed forces and on “smart motorways” for the Highways Agency.

Ministers also discussed the wider ramifications of potential job losses at the company, which employs 43,000 staff worldwide — of which 19,500 are in the UK.
This could be quite bad...
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Old 11-01-2018, 22:45   #2
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Re: Carillion Crisis

Quote:
Originally Posted by Damien View Post
Carillion, a major contractor in the public sector, is close to collapse.

https://news.sky.com/story/regulator...epens-11203432

https://www.ft.com/content/1b4ab6aa-...5-e94187b3017e



This could be quite bad...
Carillion are like a bank. Too big to fail! Will be interesting to see how this is resolved, it's been going on for some time now but because it's not public-facing it doesn't get the attention that retailers and car companies get.
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Old 12-01-2018, 12:21   #3
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Re: Carillion Crisis

I wonder how much this is going to cost the taxpayers?
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Old 12-01-2018, 17:23   #4
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Re: Carillion Crisis

If they have so much govt work then why are they in trouble, surely they must be doing something wrong ?
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Old 12-01-2018, 17:25   #5
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Re: Carillion Crisis

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Originally Posted by Paul M View Post
If they have so much govt work then why are they in trouble, surely they must be doing something wrong ?
Exactly.
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Old 12-01-2018, 17:28   #6
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Re: Carillion Crisis

Quote:
Originally Posted by Paul M View Post
If they have so much govt work then why are they in trouble, surely they must be doing something wrong ?
Happens all the time with tenders. The companies bid at an unsustainable number, the government accepts the lowest bid, the companies attempts to make that number work fall flat on their face.
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Old 13-01-2018, 10:38   #7
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Re: Carillion Crisis

Quote:
Originally Posted by Paul M View Post
If they have so much govt work then why are they in trouble, surely they must be doing something wrong ?
1) Pension deficit from final-salary scheme
2) Over-borrowing.
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Old 13-01-2018, 19:17   #8
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Re: Carillion Crisis

Quote:
Originally Posted by Damien View Post
Happens all the time with tenders. The companies bid at an unsustainable number, the government accepts the lowest bid, the companies attempts to make that number work fall flat on their face.
Apparently the government were still awarding them contracts when ministers knew they were in deep trouble.

https://www.theguardian.com/business...k-to-carillion
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Old 15-01-2018, 08:14   #9
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Re: Carillion Crisis

Carillion goes into liquidation.

https://www.theguardian.com/business...-business-live

Not good at all sadly as big questions will need to be answered in these coming days by the government.
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Old 15-01-2018, 10:00   #10
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Re: Carillion Crisis

Quote:
Originally Posted by denphone View Post
Carillion goes into liquidation.

https://www.theguardian.com/business...-business-live

Not good at all sadly as big questions will need to be answered in these coming days by the government.
Government(s)..Successive ones..
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Old 15-01-2018, 10:27   #11
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Re: Carillion Crisis

Governments only set the general direction. It's Whitehall civil servants not party's that actually do the contracts and they adhere to the "Nobody ever got sacked by buying IBM" philosophy. Thus Carillion having been on the "approved" list would continue to be given the contracts irrespective of the city feedback on it's parlous financial state.

It's the same philosophy that allows the "approved" suppliers to charge an arm and a leg for basic supplies and services. Even if the civil servants had the will to go out and find bargain supplies they would be prevented from taking them up. This culture wastes £Billions.
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Last edited by heero_yuy; 15-01-2018 at 10:28. Reason: Typo
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Old 15-01-2018, 10:48   #12
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Re: Carillion Crisis

Quote:
Originally Posted by Maggy J View Post
Government(s)..Successive ones..
Indeed Maggy but don't expect any proper answers as we know what governments are like for obfuscating the real truth..
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Old 15-01-2018, 12:34   #13
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Re: Carillion Crisis

Quote:
Originally Posted by heero_yuy View Post
Governments only set the general direction. It's Whitehall civil servants not party's that actually do the contracts and they adhere to the "Nobody ever got sacked by buying IBM" philosophy. Thus Carillion having been on the "approved" list would continue to be given the contracts irrespective of the city feedback on it's parlous financial state.

It's the same philosophy that allows the "approved" suppliers to charge an arm and a leg for basic supplies and services. Even if the civil servants had the will to go out and find bargain supplies they would be prevented from taking them up. This culture wastes £Billions.
However the buck stops with the Government of the day..
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Old 15-01-2018, 13:33   #14
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Re: Carillion Crisis

IIRC the company is owed some £500m by 2 middle east states and that's more than half their debts.

Also I can just hear the outcry from Labour and the unions had HMG not awarded those contracts some months ago and thereby and put job at risk then. Rock and a hard place...
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Old 15-01-2018, 15:56   #15
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Re: Carillion Crisis

Quote:
Originally Posted by Maggy J View Post
However the buck stops with the Government of the day..
Apparently the buck always tops with Labour, whatever the subject, for one poster Maggie !

I don't only blame this govt, but the privatised rail companies (inc. the bankrupt Railtrack), the privatised Energy Utilities and now Carillion, have all served the the public badly.

Public services in the private sector occasionally make sense, but they are after one thing only, profit for their shareholders. Providing a public service will be low down the list. When they miscalculate and get too greedy for contracts, they go bust hoping we'll bail them out.

Looks like the Govt. are going to have to re-nationalise some areas to keep services going. It will stick in their throats and cost us dear no doubt.
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