BRITISH CONSTRUCTION COMPANY KIER IS SET TO CUT 1,200 JOBS
British construction company Kier is set to cut 1,200 jobs and suspend its dividend for at least two years. The firm, which holds contracts with council rubbish collection and the UK's high speed rail project, is also selling its house building and property businesses, and says it will focus on areas including regional building and highways. It aims to reduce its debt and save £55m a year by 2021. Fund manager Neil Woodford, who recently stopped withdrawals from his biggest fund, is a major investor in the company.
Shares in the troubled construction and services company tumbled to a new low of 109p on Monday afternoon, down 17%, after crashing 35% on Friday, as its mounting problems prompted comparisons with stricken competitors.
Carillion ceased to exist last year after falling into insolvency, while Interserve’s lenders seized control of the company this year after it was unable to pay its debts.
DEMAND FOR CONSTRUCTION WORKERS CLOSE TO 20 YEAR HIGH
The staff shortage in construction is continuing to bite, with 33,000 job vacancies for the period of April to June according to the latest figures from the Office for National Statistics. It is the s ...
2021 BUILDING MATERIALS SHORTAGE: WHAT IS THE PRICE OF BUILDING MATERIALS?
Covid-19, Brexit and booming demand are combining to drive up prices for the essential materials the UK’s construction sector desperately needs. Bluebeam takes a look at the 2021 build ...
MORE THAN 160,000 STILL FURLOUGHED AT END OF APRIL
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CONSTRUCTION LEARNERS TO GET SITE SKILLS CARDS
Construction trainees will soon be given their own skills cards to help oversee work placements. The new Industry Placement Card will help support learners transitioning from the classroom into the ...
NUMBER OF FURLOUGHED CONSTRUCTION WORKERS FALLING FASTER THAN WIDER ECONOMY
Number of furloughed construction workers falling faster than wider economy Latest HMRC data shows size industry’s furloughed workforce shrank by 15% in March The numbe ...
WILL THEY COME BACK? WHY BRITISH CONSTRUCTION LOST ITS EASTERN EUROPEAN WORKFORCE
In recent weeks, a persistent rumour has been circulating about migrant workers in construction. The specifics differ, but the central premise is the same: ‘foreign workers have taken the govern ...