Lloyds and Nationwide set up emergency Carillion measures as hundreds of jobs are saved

 
Oliver Gill
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British Construction Company Carillion Goes Into Compulsory Liquidation
Carillion fell into liquidation on Monday morning (Source: Getty)

Lloyds and Nationwide today rolled out separate support measures for companies and contractors hit by Carillion's dramatic failure.

A £50m fund has been launched by Lloyds to help small businesses experiencing financial difficulties as a result of the insolvency of Britain's second-biggest contractor.

Nationwide said it will save 250 Carillion contractor jobs, bringing them in-house.

The government has stepped in to guarantee payments to companies delivering public services but private sector suppliers were only granted 48-hours of funding – this ended last night.

Read more: UK banks have just leapt to the rescue of Carillion's ailing suppliers

Yesterday, UK Finance said the banking sector has leapt to the aid of Carillion's huge network of suppliers and sub-contractors. As the government warned work had stopped at many sites, the banking trade body said many lenders had granted firms affected payment holidays and overdraft extensions.

“We know how critical it will be for businesses within Carillion’s supply chain to receive support with their cash flow, to help them through the temporary challenge to their business, said Lloyds managing director of SME banking Gareth Oakley.‚Äč

"The measures launched today will ensure these small businesses have the financial support they need to get themselves back on track.”

Read more: Bullied and fobbed off: How working with Carillion turned into a nightmare

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