Carillion announced today that it failed to agree a bailout deal with the government and its creditors, meaning it will go into liquidation soon.
Carillion employs 20'000 staff in the UK alone, being one of the largest suppliers to the public sector. The firm maitains 50'000 homes for the MoD, and manages over 900 schools in addition to a number of prisons and roads. It is also part of the consortium working on the vast HS2 project, and is the largest maintenance provider to Network Rail. Both jobs and ongoing work have been plunged into uncertainty this morning.
However, the ripples will spread further as Carillion's creditors, not just the banks who are owed £900 million, but businesses across the country who supply materials, contractors, and services to the company, will have to write off debts owed to them by the construction giant. The best case scenario will likely be a partial payment in the distant future.
If you are a supplier of goods or services to Carillion, and are owed money official advice suggests visiting https://www.pwc.co.uk/carillion. Liquidity Club may be able to assist with a workaround for any suppliers who have debts outstanding with Carillion.
Read more at: www.bbc.co.uk/news/business-42687032
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