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.

SIGN UP
For your free daily news bulletin
Highways jobs

School Chef (CDC)

City Of Doncaster Council
Grade 6, £27,274 - £28,153 (pro-rata)
You must hold a minimum of Level 3 in a relevant childcare qualification, experience of working in an Early Years setting is essential Doncaster, South Yorkshire
Recuriter: City Of Doncaster Council

Early Years Practitioner

City Of Doncaster Council
£26,227 per annum
You must hold a minimum of Level 3 in a relevant childcare qualification, experience of working in an Early Years setting is essential. Doncaster, South Yorkshire
Recuriter: City Of Doncaster Council

Mobile Catering Assistant (CDC)

City Of Doncaster Council
Grade 3 £25,614 pro rata
We are looking to engage a catering assistant to join a friendly team serving healthy nutritious meals in schools. Doncaster, South Yorkshire
Recuriter: City Of Doncaster Council

Social Worker / Senior Social Worker – Family Safeguarding

Wigan Council
£41,177 - £50,908
Our children and young people have told us that they want social workers Wigan, Greater Manchester
Recuriter: Wigan Council

Intensive Adolescent Support Worker

Wigan Council
Grade 6, £30,515 - £33,673 per annum
We are looking for a skilled and compassionate support worker to join our high performing Staying Together Team. Wigan, Greater Manchester
Recuriter: Wigan Council
Linkedin Banner