Council to provide school meals amid company collapse

THERE are fears for thousands of jobs after Britain's second largest construction firm is to go into liquidation.

Carillion's lenders will also take a hit from the company's liquidation.

The opposition Labour Party questioned why May's government continued to award contracts to Carillion despite its profit warnings and questioned why Britain had handed over so much of its public service work to private companies.

"Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future and the board is very grateful for the huge efforts made by Keith Cochrane, our executive team and many others who have worked tirelessly over this period".

The second largest construction company in the United Kingdom has collapsed.

However, it was reported that Kiltearn Partners whittled down its stake considerably before the end of past year from 9.85% in August to 4.9% by December. The company's share price has plummeted some 70 percent since last summer.

In October past year the joint venture was awarded a £200 million contract with Gigaclear to roll out 1Gb/s broadband to the South West England (see Gigaclear signs Carillion telent to build FTTP in SW England), and last February it reached a £1.5 billion agreement with Openreach to extend its national fibre broadband network.

Carillion needed £300m of short-term funding to survive, but its bankers were reluctant to commit to any lending without support from the government, Sky News reported. He added that the government departments that had contracts with the company had drawn up contingency plans.

"And from the moment that this happened there were communications throughout the system... to all of the employees that are showing up across the public sector to say "please carry on coming to work because you will be paid".

A British parliamentary committee said on Monday it would hold an inquiry into government sourcing practices following the collapse of contractor Carillion.

Oxfordshire County Council announced this morning (Monday) that it had taken over the services provided by Carillion and that affected staff were told to report for work as usual.

"It is regrettable that Carillion has not been able to find suitable financing options with its lenders and I am disappointed that the company has become insolvent as a result", he said.

The company asked for "limited short term financial support, to enable it to continue to trade whilst longer term engagement continued".

Mr Manzoni said Carillion's was moved off the company in summer, despite the firm issuing a profit warning in July, and said the Government only has 20 Crown Representatives for around 30-35 of its biggest suppliers.

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