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Employees of Carillion Urged to Contact JMW’s Employment Team Following Liquidation Announcement
The employment team at Manchester-based law firm JMW Solicitors LLP urges employees of construction company Carillion to get in contact regarding the recent liquidation announcement. Carillion, one of the largest construction companies in the UK, has seen a significant downturn in its fortunes since the second half of 2017. The announcement puts tens of thousands of jobs at risk.
Carillion PLC entered into insolvency on 15th January 2018, along with several subsidiary companies in the group. The construction firm banked heavily on major contracts, some of which proved to be much less lucrative than initially thought. Earlier in 2017, it slashed its valuation of its own contracts by £845 million, which caused its debts to spiral out of control, to the sum of £900 million. In order to pay its debt, Carillion sought fresh investment, of at least £300 million. Unfortunately, the banks that lent it money initially refused, and the government also refused to take the organisation into national ownership. As such, that left Carillion no choice but to enter liquidation.
JMW asks employees of Carillion to get in contact in order to receive information and advice about the ongoing situation at this challenging time. The employment team at JMW has a proven track record handling these sorts of cases, including representing employees of Citylink and Hewden in 2017.
Laura McHugh of JMW’s employment team said: “We are very saddened to hear about the collapse of Carillion and all of the people that may be affected. Here at JMW, we know that at this distressing time and employees of Carillion may need guidance and reassurance on what to do next. As one of the leading law firms in the Manchester area, and with a proven track record of handling these sorts of cases, our employment team is here to provide sensible and reassuring legal advice during these difficult times.”
If you are an employee of Carillion and need advice and guidance on your legal rights and to find out more information about the ramifications of this announcement, contact us today on 0345 241 5334 or fill out our online enquiry form.