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Kier Group works on large infrastructure projects such as HS2. Photograph: HS2/PA
Kier Group faces struggles with debt pile
Kier Group is to cut 1,200 jobs in the UK, sell its house-building and property businesses and suspend dividend payments to reduce its debt pile. After crashing 35% on Friday, shares in the troubled construction and services company tumbled to 12%, a new low of 114.9p on Monday as its prompted comparison with a former rival that collapsed last year, Carillion.The new chief executive, Andrew Davies, has brought his turnaround plan for the business where the company employs 19,000 people in the UK and works on projects with large infrastructure such as HS2 and London’s delayed Crossrail. The company shocked the market with a profits warning and suspended dividend payments for this year and 2020.
To reduce the company’s debt, Kier Group plans to sell its home-building business and its property
development unit along with shutting and selling its recycling and rubbish-processing operations. The
focus of the company is on infrastructure, regional construction and road maintenance.
At least 650 employees will have left the group by 30 June and other 550 are expected to leave in the
coming year. The company aims to save £55m a year from 2021, however, the restricting will cost £56m
for the next two years. The job cuts will affect its head office in Bedfordshire.
The investment director at stockbroker AJ Bell, Russ Mould said that everything that Kier Group is doing
seem like sensible steps, however, delivering on the plan will not be easy.
Source: https://www.theguardian.com/business/2019/jun/17/kier-group-cut-jobs-construction-shares-debt
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