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

Finance Officer - Debt Collection

Essex County Council
£25959.00 - £28621.00 per annum + + 26 Days Leave & Local Gov Pension
Finance Officer - Debt CollectionPermanent, Full Time£25,959 to £28,621 Per AnnumLocation
Recuriter: Essex County Council

Habilitation Specialist

Essex County Council
£33915 - £39900 per annum
Please note that visa sponsorship is not available for this role. Applicants must have a current, unrestricted right to work in the UK.Essex County Co England, Essex, Chelmsford
Recuriter: Essex County Council

Adults Social Worker - North Essex (Various Teams)

Essex County Council
£36124.0000 - £51834.0000 per annum + Flexible Working, Hybrid Working
Please note that visa sponsorship is not available for this role. Applicants must have a current, unrestricted right to work in the UK. Interviews wi England, Essex, Colchester
Recuriter: Essex County Council

English Teacher

Durham County Council
£32,916- £45,352
One Year Temporary Contract, full time. Required to start as soon as possible.   The Woodlands EHN Team is seeking to appoint a qualified English Teac Ferryhill
Recuriter: Durham County Council

Team Leaders

Durham County Council
Grade 8, £33,673 - £37,563 per annum
Team Leaders – Opportunities are available across the County Durham Area   Salary
Recuriter: Durham County Council
Linkedin Banner