Mark Whitehead 03 December 2018

Kier sees shares plummet by 33% after £264m rights issue

Construction giant Kier is the latest outsourcing company to raise fears after its share price bombed 33% on Friday.

It followed the announcement by the company - which lists local government among its major sectors - of plans to raise £264m to reduce its debt.

Chief executive, Haydn Mursell, said the cash injection had 'completely de-risked' the firm.

He told Building magazine that suppliers should 'look at us and see that we’re now a much stronger business. We’ve removed the shadow created by our debt position.'

The latest uncertainty follows the collapse of construction company Carillion early this year with debts of £1.5bn, leaving many local authorities to find other providers.

Last month the Government ordered outsourcing companies to draw up 'living wills' setting out how services would continue to be provided if they collapsed amid concerns over the weakness of several major firms including Capita and Interserve.

The firm’s lenders include Santander which is understood to have lost £200m on Carillion following its collapse.

Devolution and putting place first image

Devolution and putting place first

The real lesson of Andy Burnham's Makerfield success, argues Dr Jonathan Carr-West, is that place – not personality – is the key to Britain's future.
SIGN UP
For your free daily news bulletin
Highways jobs

Cleaner

Durham County Council
£24,796 (Pro Rata)
Permanent Contract - Part Time 10 hours per week 4.00pm to 6.00pm Monday to Friday. Whole Time. Required to start 1st August 2026.   Governors wish to Newton Aycliffe
Recuriter: Durham County Council

Social Worker MHSOP

Durham County Council
£35,412 - £39,152 / £40,777- £45,091 p.a. ( pro rata for part-time) i.e. grade 9 pre progression/grade 11 post progression (Pay Award Pending)
We are looking for a MHSOP Social Worker to join our Adult Care Service, supporting older people and adults with a physical disability.   WHAT IS INVO Durham
Recuriter: Durham County Council

Clerical Officer Receptionist

Durham County Council
Grade 3 £25,185 - £25,989 Pro rata (Pay award pending)
WHAT IS INVOLVED? We are looking to appoint a temporary (18 months) part time Clerical Officer/Receptionist within Business Services to provide a pr Newton Aycliffe
Recuriter: Durham County Council

Technical Assistant

Durham County Council
Grade 4
Durham County Council
Recuriter: Durham County Council

Learning Delivery Assistant

Durham County Council
Grade 7
Durham County Council
Recuriter: Durham County Council
Linkedin Banner