so ..... basically they're bust - - - continued

[V8Druid]

https://www.theconstructionindex.co.uk/news/view/kier-still-losing-money
... 'bout time someone pulled the rug from under these tossers

 

[Brendan]

https://www.theconstructionindex.co.uk/news/view/kier-still-losing-money
... 'bout time someone pulled the rug from under these tossers

Could be a case of too big to fail.
Weren't the government saying last year, no more contracts to companies who are late payers, and should be paying subcontractors within 30 days....
Yet Kier still got a few millions worth of contracts

 

[V8Druid]

Could be a case of too big to fail.
Weren't the government saying last year, no more contracts to companies who are late payers, and should be paying subcontractors within 30 days....
Yet Kier still got a few millions worth of contracts

and there you go ..... 'they' have probably got vested interests in not seeing them fail, whether personal investments or ensuing public sector problems

"Too big to fail " .. no company, in this sort of sector, should ever be allowed to get into that position ... plug should be pulled looooooooooong before ever being allowed to obtain a position like that
legalised ransom / blackmail

 

[Brendan]

and there you go ..... 'they' have probably got vested interests in not seeing them fail, whether personal investments or ensuing public sector problems

"Too big to fail " .. no company, in this sort of sector, should ever be allowed to get into that position ... plug should be pulled looooooooooong before ever being allowed to obtain a position like that
legalised ransom / blackmail

It's bullshit especially when they are posting big straight losses for last few quarters. Government are the biggest bunch of corrupt arseholes going, all with vested interests with every sort of deal that's made. Alot of the s**t they're doing is all conflict of interests lining their own backpockets

 

[V8Druid]

It's bullshit especially when they are posting big straight losses for last few quarters. Government are the biggest bunch of corrupt arseholes going, all with vested interests with every sort of deal that's made. Alot of the s**t they're doing is all conflict of interests lining their own backpockets

totally .... we're run and ruled by a bunch of tw*ts you'd never dream of buying a s/hand car off ..... you wanna be an MP .... no other connections/incomes/interests/etc., what so ever .. live on yer salary, or **** off

 

[JD450A]

Kier CEO warns frameworks rush is hurting margins

The increase in contractors trying to get onto public sector frameworks has increased margin pressure, Kier chief executive Andrew Davies has warned.

www.constructionnews.co.uk

Boo Hoo Hoo the brown envelopes aren't working anymore

 

[V8Druid]

Costain blames project bank accounts for hitting cashflow

Costain is seeking a £100m equity injection from shareholders because it can no longer take advantage of its suppliers, the company all but admits.

www.theconstructionindex.co.uk

if they haven't got the capital to operate they shouldn't be ...... end of

as for " ..the level of Costain's balance sheet cash being held in .... project bank accounts, rather than being freely available for the Group to use for general working capital purposes." ..... this is money owed for retentions, etc. .... not working capital .. and has been made secure (hopefully) so they can't do another 'Carrillion' and make " hundreds of millions of pounds of retentions owed to its subcontractors disappear.. forever. "

stump up or **** off out of it !!!!!!

 

[Stubota86]

Costain blames project bank accounts for hitting cashflow

Costain is seeking a £100m equity injection from shareholders because it can no longer take advantage of its suppliers, the company all but admits.

www.theconstructionindex.co.uk

if they haven't got the capital to operate they shouldn't be ...... end of

as for " ..the level of Costain's balance sheet cash being held in .... project bank accounts, rather than being freely available for the Group to use for general working capital purposes." ..... this is money owed for retentions, etc. .... not working capital .. and has been made secure (hopefully) so they can't do another 'Carrillion' and make " hundreds of millions of pounds of retentions owed to its subcontractors disappear.. forever. "

stump up or **** off out of it !!!!!!

I’ve been getting sick of retentions recently, everyone wants to get out of them one way or another once the novelty of having the work done starts to wear off and they forget how much you’ve bent over backwards to make sure it’s all as they wanted it etc...

Ffs you don’t go to the supermarket, buy your dinner then go back a week later to pay for it if you liked the taste.

I can’t think of any other industry that has them. Factor in CIS Deductions and the proposed changes to VAT for construction firms and you start to think they want to kill the industry completely.

 

[Jimoz]

Any subcontracting I do in future would be invoiced as if I've manufactured something. Reverse charge vat my arse

 

[JD450A]

Any subcontracting I do in future would be invoiced as if I've manufactured something. Reverse charge vat my arse

To be honest I've sorted the reverse Vat issue... Any materials the Client wants are a 20% mark up..... this is due to the amount of new builds/conversions and now f****ng renewable energy schemes we are on at 5% and 0% vat....

 

[Gunners]

To be honest I've sorted the reverse Vat issue... Any materials the Client wants are a 20% mark up..... this is due to the amount of new builds/conversions and now f****ng renewable energy schemes we are on at 5% and 0% vat....

Were you not already doing this? I've put 20% on materials for years. Its my risk if they are defective and I have to go back and sort it a year down the line. Its also my risk to work out how much is required for the job. And to make sure they turn up in time. There should always be profit on materials!

 

[V8Druid]

Were you not already doing this? I've put 20% on materials for years. Its my risk if they are defective and I have to go back and sort it a year down the line. Its also my risk to work out how much is required for the job. And to make sure they turn up in time. There should always be profit on materials!

Totally... especially if you run the risk of not getting paid for 'em ..... would want to see another ten on top of that if you were carrying stock to cover demand

 

[JD450A]

Were you not already doing this? I've put 20% on materials for years. Its my risk if they are defective and I have to go back and sort it a year down the line. Its also my risk to work out how much is required for the job. And to make sure they turn up in time. There should always be profit on materials!

We tended not to bother with what we dealt with. Mostly aggregates.... but more people on the 0% Vat bandwagon has meant we needed to do something.

 

[fred]

ive advised our subbies to move to monthly vat after their next return to be ready for reverse charge. Most of them will be better off than they are now in terms of cash flow as they wont have to find a big lump every 12 weeks to send the taxman, same as their own tax (CIS). Kind of like HMRC doesnt trust sole traders at all !!

 

[V8Druid]

I’ve been getting sick of retentions recently, everyone wants to get out of them one way or another once the novelty of having the work done starts to wear off and they forget how much you’ve bent over backwards to make sure it’s all as they wanted it etc...

Ffs you don’t go to the supermarket, buy your dinner then go back a week later to pay for it if you liked the taste.

I can’t think of any other industry that has them. Factor in CIS Deductions and the proposed changes to VAT for construction firms and you start to think they want to kill the industry completely.

Select calls for ring-fenced accounts for retentions

Trade body Select has responded to the Scottish government’s consultation on cash retentions and is urging the rest of the country’s construction sector to take part before next week’s deadline.

www.theconstructionindex.co.uk

 

[V8Druid]

Interserve tits up yesterday ..... what a rip off .....

Interserve " expected a transfer of all its assets to a newly-incorporated company owned by its existing lenders was likely to take place on Friday evening. ....... this arrangement should ensure that its business can continue to operate “as normal” for its customers and suppliers ........ (the) pre-pack administration would see all shareholder value wiped out entirely. " https://www.independent.co.uk/.../interserve-job-losses...

valueless anyway Alex ..... £650M debts and valued at under £20 Mil max, on a good day LOL ...... yet another glorified scheme to have its debts wiped out and still continue to trade, all be it in a.n.other incarnation
at least if they'd agreed it, the debtors'd have had summat out of it and said shareholders might've stood some sort of chance of regaining some value to their holdings ... now they all lose out

best quote there is ..... " The GMB union, which represents Interserve workers, said the company’s turmoil showed outsourcing public sector contracts to private companies had been a “disastrous experiment”.
“Ministers have learnt absolutely nothing from the Carillion fiasco and are hell-bent on outsourcing public sector contracts,” the union said in a statement.
“Shambolic mismanagement is putting jobs on the line and services in jeopardy. Our public services can't go on like this.” " but they will

and these tw*ts are still getting awarded Gov contracts ......

ProCure22 delivers Chorley hospital work to Interserve

Interserve has been awarded an £11.5m contract to build a hospital surgery in Chorley, Lancashire,

www.theconstructionindex.co.uk

 

[V8Druid]

and still they lumber on .......

Kier posts £225m loss

Kier Group made a pre-tax loss of £225.5m on continuing operations in the year to 30th June 2020.

www.theconstructionindex.co.uk

second year on the trot

 

[TiltyShaun]

and still they lumber on .......

Kier posts £225m loss

Kier Group made a pre-tax loss of £225.5m on continuing operations in the year to 30th June 2020.

www.theconstructionindex.co.uk

second year on the trot

Can carry on until they run out of cash!!

 

[V8Druid]

Can carry on until they run out of cash!!

aye .... but it's other people's cash Shaun

 

[Smiffy]

aye .... but it's other people's cash Shaun

Was on a training course the other day and the instructor is an advisor to HAUC (highways authority and utilities comity ) these are the people responsible for making sure all road works are compliant with street works regulations and are able to hand out fines for anything from incorrect temporary sinage to incorrect reinstatement of the road after excavation
The instructor told us they have hired alot new inspectors and they are really gunning for the big firms Balfour's kiers amey and the like looking to hand out some big fines
This will be a big blow for these companies aswell if this goes ahead and each of there highway sites is pulled to pieces