First of the bigger companies to go under?

[M107]

Told this morning by a sparks working for carillion that contracts are being deferred left right & centre for them & one of their competitors, connaught are the first to be heading towards administration

http://www.citywire.co.uk/new-model-adviser/connaught-nearing-administration-reports/a428621?ref=new-model-adviser-latest-news-list

 

[roys]

My mate is a joiner with connaught, he is not a happy bunny just now, some innteresting comments added to the citywire article linked by M107.

Cheers Steve

 

[Andy™]

Told this morning by a sparks working for carillion that contracts are being deferred left right & centre for them & one of their competitors, connaught are the first to be heading towards administrationhttp://www.citywire.co.uk/new-model-adviser/connaught-nearing-administration-reports/a428621?ref=new-model-adviser-latest-news-list

Carillion build many schools & other public/government buildings, which are now being put on hold, so they will be losing much work through that

 

[Brian 157]

Not greatly surprised by the Connaught news, I had the misfortune to spend 2 months of a 3 month contact (I walked...) working for them a few years ago. They'd gone in low to win the contract so there was no money to pay proper rates (or do the work properly). "Management" appeared incapable of organising the proverbial in a brewery.

Feel sorry for the workers at the coalface though.

 

[Sidewinder]

The Connaught thing has been brewing for a few months now!

 

[jl-heating]

they went yesterday took my mate for 38 k.

share went from a fiver to 6p.

i took a risk and bought 10 ....... i am 60p down .. god i hate the stock market you can lose so much so learn from my experience its not worth the risk

 

[Badger]

never have been involved in the stock market and dont intend to become involved

 

[nutsy]

spoke with my mate today, he works for the compliances part of connaught and he seems to think this section will be ok as this is the main money earning part of the company.

 

[bengie]

my missus works for barclays and took the risk of buying

 

[Evans Electric]

Listening to comments on the radio about the Connaught thing I noticed that the same old story came out ,which has gone on for years. It was from two of their sub contractors , who said they were forever owed money by these people and by the time payments came another huge bill had been racked up.

I remember all this from when I was employed as supervisor/estimator , it was as if we were subsidising every main contractor we worked for . We were quoting to Hospital/schools/police/probation service/local Gov. Universities and MOD work but a main contractor would be appointed who deal with all payments . The only time we improved our cash flow was when we worked directly for those clients.

Obviously nothing has changed.

 

[Sidewinder]

This is the CANCER of UK business.

I lost me a company & a shed load of money, not only once!

The problem is all small businesses are afraid to implement the "late payments act" in case the big customers go elsewhere.

If this act were statutory it would change the face of UK business for the better IMHO.

 

[Lee321]

totally agree side.

could all be so simple.