Construction firm with 43,000 employees collapses

carillion uk construction

A major British construction company is going into liquidation after failing to secure a financial lifeline.

Carillion (CIOIF), which employs 43,000 people around the world, said in a statement Monday that rescue talks with stakeholders including the British government had collapsed.

“We have been unable to secure the funding to support our business plan, and it is therefore with the deepest regret that we have arrived at this decision,” Carillion Chairman Philip Green said in the statement.

Carillion, which has roughly half its global workforce in Britain, has its roots in the construction business. But it also builds infrastructure for high speed rail and power distribution projects, and provides services to the government.

Green said that the U.K. government will provide funds to keep the company’s public services, which include school lunches and prison management, in operation.

PricewaterhouseCoopers will oversee the firm’s liquidation.

CNNMoney (New Delhi) First published January 15, 2018: 4:04 AM ET

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