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

Project Controller

London Borough of Richmond upon Thames and London Borough of Wandsworth
£44,773 - £62,451 per annum
Job Title
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Temporary Accommodation Visiting Officer

London Borough of Richmond upon Thames and London Borough of Wandsworth
£37,602 - £45,564 per annum
Temporary Accommodation Visiting Officer Fixed term – expiring 10th August 2027 Salary - £37,602 - £44,235 per annum Full time 36Hours Location – 2nd Floor Bridas House, 90 Putney Bridge Road, London, SW18 1HR (secondary location Twickenham Civ Wandsworth, London
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Pension Officer

Essex County Council
£25081.00 - £28507.00 per annum
Pension OfficerPermanent, Full Time£25,081 - £28,507 per annumLocation
Recuriter: Essex County Council

Customer Services Assistant

Essex County Council
Up to £25081.00 per annum
Customer Services AssistantPermanent, Part Time£25,081 per annumLocation
Recuriter: Essex County Council

Business Support Apprentice

Essex County Council
Up to £14567.00 per annum
Business Support ApprenticeFixed Term, Full Time£14,567 Per AnnumLocation
Recuriter: Essex County Council
Linkedin Banner