Carillion: Government sets up taskforce to support small firms and workers
22 Enero, 2018, 01:14 | Author: Arnold Perez
Afterwards, Mike Cherry, from the Federation of Small Businesses, said the amount pledged was unlikely to be enough to sufficiently recompense most contractors.
It held about 450 governmental contracts, spanning the education, justice, defence and transport ministries.
"We ensured that all but one of those contracts was a joint venture", she added, meaning that "there is another company available to step in and take over the contract".
The spokesman said that Aramark would immediately take over the services that Carillion could no longer provide and that there would be no interruption in services.
Lloyds Banking Group PLC has set aside £50 million and HSBC Holdings PLC said it will offer support worth £100 million to help small firms within Carillion's supply chain that fear they will suffer after the company went into liquidation this week. It managed or co-managed major, unfinished construction projects for the government, like a high-speed rail link among English cities; a hospital near Birmingham; another hospital, in Liverpool; and a highway near Aberdeen, Scotland.
'It is only going to be a sticking plaster to help those who are viable to continue in business and recover in time, ' Mr Cherry told BBC Radio 4's Today programme.
He insisted that Carillion's failure should not be used as a justification for ending the system of private sector provision of public services.
Business Secretary Greg Clark has said support from a Government-led task force and the banks will "maximise continuity" for small businesses.
The policy would see a Labour Government applying strict conditions to local authorities and Whitehall departments that would dramatically cut the use of private-sector contractors.
Carillion was left mired in £1.3bn of debt as well as being saddled with a £600m pensions deficit. By Monday, it had cash reserves of less than $40 million. They also worked with a huge number of outsourcing companies, who will now be facing financial issues because Carillion owes them a large amount of money. The company also carries out work for Power NI.
"Over the coming days, we will review supplier contracts and we'll contact you concerning these soon", it said.
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