MPs haul Carillion directors in for grilling over firm’s collapse January 24, 2018 Two of the Commons’ most powerful committees have ordered former Carillion directors – including ex-chairman Philip Green – to give evidence as part of a joint inquiry into the construction giant’s collapse. The Work and Pensions Committee, headed by Labour’s Frank Field, and the BEIS Committee, headed by his colleague Rachel Reeves, have launched a [...]
Carillion cost: The government is paying millions of pounds a day to keep public sector projects going January 23, 2018 Hundreds of Carillion’s public sector contracts are costing the government millions of pounds in temporary funding every day, according to official statistics. Carillion’s failure just over a week ago prompted the government to step in and use Treasury funds to ensure public sector works continued. The failed contractor held 450 contracts with the UK government, [...]
Banks launch £225m Carillion emergency fund after government task force “challenge” | City A.M. January 18, 2018 Three of Carillion’s former lenders today made £225m of assistance available to small businesses hit by the collapse of the insolvent contractor. HSBC opened a £100m fund, Royal Bank of Scotland made £75m available and Lloyds launched £50m of help, it was announced this evening. After Carillion’s collapse on Monday morning, the government stepped in [...]
RBS-GRG memo “Just Hit Budget” told staff that clients need to “hang themselves” and “basket cases” can be “remunerative” January 17, 2018 RBS staff were advised by a colleague to “let [small business] customers hang themselves” in the wake of the financial crisis, according to an internal memo published yesterday. Employees at the bank’s now defunct restructuring unit GRG were encouraged to raise fees to a level that clients “normally cannot afford”, in order to “leaverage [sic] [...]
Screws turn on Carillion executives as business secretary Greg Clark weighs in on misconduct probe January 17, 2018 Pressure was mounting on Carillion’s former top brass last night after the government promised a thorough investigation into the actions of the failed firm’s executives. A probe by the Official Receiver was ordered to be fast-tracked and widened by business secretary Greg Clark. “Any evidence of misconduct will be taken very seriously,” he said. Cabinet [...]
Carillion crisis: Millions paid to former execs “does no good to the reputation of UK business” January 15, 2018 Bumper payouts to top former execs at collapsed contractor Carillion have put the reputation of Britain’s top bosses on the line, the Institute of Directors has warned. Carillion fell into liquidation this morning after eleventh-hour talks failed to save the debt-laden contractor. The insolvency marked the end to a tumultuous six months, kicked off when [...]
Carillion: Trade credit insurers pull cover as Carillion “hangs by a thread” January 13, 2018 Euler Hermes and other trade credit insurers have stopped writing new coverage for suppliers to embattled contractor Carillion, sending a signal the company is at risk of collapse, according to reports. Tokio Marine HCC and MGA Nexus also said they would not insure deliveries to the firm, Insurance Insider reported. Trade credit insurance protects firms [...]
I’m out: Dragon’s Den star Julie Meyer has rolled her venture capital firm Ariadne Capital into administration December 21, 2017 Ariadne Capital, the venture capital firm of former Dragon’s Den star Julie Meyer, has been rolled into administration. The UK business rescue and recovery firm Leonard Curtis was appointed as administrator by Meyer herself, who is the majority shareholder and a secured creditor to Ariadne Capital. Meyer told City A.M. that she “appointed the administrator [...]
Bell Pottinger Middle East arm bought by London-headquartered PR firm Hanover Communications | City A.M. November 20, 2017 Bell Pottinger’s Middle East arm has been bought by PR rival Hanover, it was announced this lunchtime. The sale was negotiated by Bell Pottinger group administrator BDO after the PR giant collapsed in September. Hanover founder and chief executive Charles Lewington said: “Bell Pottinger Middle East is a terrific business with a talented, professionally run [...]
Builders and headhunters under financial pressure as insolvencies edge up – but there could be hope for retailers November 10, 2017 The number of firms collapsing into administration rose in the third quarter, according to notices filed with the Britain’s official public record. Analysis of the London Gazette revealed some 302 companies appointed administrators during the third quarter, up from 297 in the second quarter and 295 in the same period 12 months ago. The steady [...]