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Uncle Joe
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15-01-2018, 09:00 AM
1

Carillion goes to the wall !!!

Seems the Government may have to 'nationalise'rather more of our economy than they would want.

I wonder if they'll ever get HS2 built now???


https://www.aol.co.uk/news/2018/01/1...ch-talks-fail/
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AnnieS
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15-01-2018, 09:14 AM
2

Re: Carillion goes to the wall !!!

Clearly contrary to what some have been saying on the forum for some time, not all private companies are that well run or efficient. This is the risk of privatisation - no service overnight.
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Barry
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15-01-2018, 09:19 AM
3

Re: Carillion goes to the wall !!!

Some mismanagement of course, but bad debts and delayed payments cripple big companies just as much as small ones and the consequences are so much more severe with tens of thousands of livelihoods on the line. Tragic really for all of those affected...
Uncle Joe
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15-01-2018, 09:40 AM
4

Re: Carillion goes to the wall !!!

Originally Posted by Barry ->
Some mismanagement of course, but bad debts and delayed payments cripple big companies just as much as small ones and the consequences are so much more severe with tens of thousands of livelihoods on the line. Tragic really for all of those affected...

Given the series of 'profits warnings' the company has issued it was negligent and incompetent of the scumbag 'nasty party' to continue to award contracts to this company.
swimfeeders
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15-01-2018, 10:09 AM
5

Re: Carillion goes to the wall !!!

Originally Posted by Uncle Joe ->
Given the series of 'profits warnings' the company has issued it was negligent and incompetent of the scumbag 'nasty party' to continue to award contracts to this company.
Hi

The profit warnings started in August last year, so what new contracts have they had since then?

At least the Government did not bail them out and let the shareholders take the hit.

I am more concerned with the pension fund deficit and those who will lose their jobs.
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AnnieS
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15-01-2018, 10:12 AM
6

Re: Carillion goes to the wall !!!

Originally Posted by Uncle Joe ->
Given the series of 'profits warnings' the company has issued it was negligent and incompetent of the scumbag 'nasty party' to continue to award contracts to this company.
It's likely they were given a contract for several years so with such a large contract the penalty would have been prohibitive and not so easy to pull out a company involved in building.

This is an example of poor credit control and poor financial management. It will be interesting to see why it happened. Apparently nearly 2 billion £ of contracts were awarded last year. The company now has 900m debts. Surely last year when they went to tender the awarding evaluators must have seen their balance sheet. I'd like to know why those contracts were awarded so recently.
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15-01-2018, 10:13 AM
7

Re: Carillion goes to the wall !!!

According to radio reports contracts were awarded 7 days after a profit warning in July and 5 weeks after a second profit warning.
Norway
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15-01-2018, 10:38 AM
8

Re: Carillion goes to the wall !!!

Originally Posted by swimfeeders ->
Hi

The profit warnings started in August last year, so what new contracts have they had since then?

At least the Government did not bail them out and let the shareholders take the hit.

I am more concerned with the pension fund deficit and those who will lose their jobs.
Yes because they have said that they will be getting in touch with everyone regarding their pension, no mention that their pensions will be ok!!!!!!
Julie1962
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15-01-2018, 10:44 AM
9

Re: Carillion goes to the wall !!!

Having seen how long some councils take to pay their bills I'd suggest working so much with them is likely the biggest problem they've had.
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15-01-2018, 10:51 AM
10

Re: Carillion goes to the wall !!!

That's why they need a strong credit control team.
 
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