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Companies going bankrupt/into administration
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kenneal - lagger
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Joined: 20 Sep 2006
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Location: Newbury, Berkshire

PostPosted: Wed Mar 20, 2019 4:27 pm    Post subject: Reply with quote

Former Carillion CEO Joins Kier.

Could this be the beginning of the end of Kier? Is this the executive class looking after its own? Does the leader of a company which went bust so spectacularly have any credibility? Or are the execs of Kier hoping for a massive payout before this firm goes bust too? Is it time to sell any shares in Kier?
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careful_eugene



Joined: 26 Jun 2006
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Location: Nottingham UK

PostPosted: Wed Mar 20, 2019 4:41 pm    Post subject: Reply with quote

Dawnus construction in administration, not on the scale of Carillion, Interserve or Kier but still still pretty big https://www.bbc.co.uk/news/uk-wales-47567023. We have worked for all of these main contractors and have, so far, been lucky.
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raspberry-blower



Joined: 14 Mar 2009
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PostPosted: Wed Mar 20, 2019 8:38 pm    Post subject: Reply with quote

kenneal - lagger wrote:
Former Carillion CEO Joins Kier.

Could this be the beginning of the end of Kier? Is this the executive class looking after its own? Does the leader of a company which went bust so spectacularly have any credibility? Or are the execs of Kier hoping for a massive payout before this firm goes bust too? Is it time to sell any shares in Kier?


Kier required an emergency loan of £500 million not that long ago, Ken - looks like the last rites to me.
Bit rhetorical as you have answered your own question as highlighted above
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BritDownUnder



Joined: 21 Sep 2011
Posts: 529
Location: Hunter Valley, NSW, Australia

PostPosted: Thu Mar 21, 2019 2:18 am    Post subject: Reply with quote

kenneal - lagger wrote:
Former Carillion CEO Joins Kier.

Could this be the beginning of the end of Kier? Is this the executive class looking after its own? Does the leader of a company which went bust so spectacularly have any credibility? Or are the execs of Kier hoping for a massive payout before this firm goes bust too? Is it time to sell any shares in Kier?


Thankfully I don't own Kier shares unlike Carillion. I guess the thinking is something along the lines of lightning couldn't possibly strike twice or second time lucky. To the Keir board - Keep those fingers crossed guys.
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kenneal - lagger
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PostPosted: Thu Mar 21, 2019 4:28 am    Post subject: Reply with quote

Can we expect that favourite of self serving board members, a share by back with the cheap loans now available?
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BritDownUnder



Joined: 21 Sep 2011
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PostPosted: Fri Mar 22, 2019 6:39 am    Post subject: Reply with quote

kenneal - lagger wrote:
Can we expect that favourite of self serving board members, a share by back with the cheap loans now available?

You forgot to mention the higher than inflation pay rises for the board and then the golden handshakes just before the boat sinks. But remember Kier, timing is everything.
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raspberry-blower



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PostPosted: Thu Mar 28, 2019 9:35 am    Post subject: Reply with quote

careful_eugene wrote:
Dawnus construction in administration, not on the scale of Carillion, Interserve or Kier but still still pretty big https://www.bbc.co.uk/news/uk-wales-47567023. We have worked for all of these main contractors and have, so far, been lucky.


If you are a Kier contractor, your luck is turning:

Kier to start charging subcontractors to work with them

Quote:
A subcontractor said: “We saw this sort of thing with Carillion – main contractor discounts, rebates. Now we are being asked for 1.5% just to work with them.

“The danger is what Kier is doing becomes contagious and other main contractors sit up and say we need to do this

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emordnilap



Joined: 05 Sep 2007
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PostPosted: Thu Mar 28, 2019 10:56 am    Post subject: Reply with quote

WOW airline gone

Quote:
The airline, which employs around 1,000 people, has now confirmed that it has entirely ceased operations.


The day they all go bust…bring it on.
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careful_eugene



Joined: 26 Jun 2006
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Location: Nottingham UK

PostPosted: Thu Mar 28, 2019 11:16 am    Post subject: Reply with quote

raspberry-blower wrote:
careful_eugene wrote:
Dawnus construction in administration, not on the scale of Carillion, Interserve or Kier but still still pretty big https://www.bbc.co.uk/news/uk-wales-47567023. We have worked for all of these main contractors and have, so far, been lucky.


If you are a Kier contractor, your luck is turning:

Kier to start charging subcontractors to work with them

Quote:
A subcontractor said: “We saw this sort of thing with Carillion – main contractor discounts, rebates. Now we are being asked for 1.5% just to work with them.

“The danger is what Kier is doing becomes contagious and other main contractors sit up and say we need to do this

This doesn't surprise me at all, on some projects the QS is actively and very creatively finding reasons not to pay for work done. We spend so much time justifying costs for extra work that clients instruct that often it isn't worth the effort.
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raspberry-blower



Joined: 14 Mar 2009
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PostPosted: Tue Apr 09, 2019 7:07 pm    Post subject: Reply with quote

Fun and games going on at Debenhams:

Guardian: Debenhams falls into administration, wiping out Mike Ashley's £150 million stake

The stores will continue trading for the time being - although 50 stores may close as a result of the CVA
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BritDownUnder



Joined: 21 Sep 2011
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PostPosted: Tue Apr 09, 2019 9:08 pm    Post subject: Reply with quote

raspberry-blower wrote:
Fun and games going on at Debenhams:

Guardian: Debenhams falls into administration, wiping out Mike Ashley's £150 million stake

The stores will continue trading for the time being - although 50 stores may close as a result of the CVA


Looks like poor Mikey didn't have the numbers on the board to get is way. Apparently he wanted them to take lie detector tests after the last meeting.
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emordnilap



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PostPosted: Tue Apr 09, 2019 9:58 pm    Post subject: Reply with quote

There have been reassurances the separate Irish Debenham’s is safe.

That’s worrying for the 11,000 who work in it.
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raspberry-blower



Joined: 14 Mar 2009
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PostPosted: Mon May 20, 2019 4:26 pm    Post subject: Reply with quote

Another one teetering on the brink - another meaningless "reassurance" has been issued:

Don Quijones: Thomas Cook on the verge of collapse
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raspberry-blower



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PostPosted: Tue May 21, 2019 10:13 am    Post subject: Reply with quote

Here's another one teetering:

Beeb: British Steel on the verge of administration
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Little John



Joined: 08 Mar 2008
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PostPosted: Tue May 21, 2019 11:48 am    Post subject: Reply with quote

Jamie Oliver restaurant chains face collapse

https://www.bbc.co.uk/news/business-48352026
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