Kier Group is to cut 1,200 jobs in the UK, suspend dividend payments and sell its housebuilding and property businesses as it battles to reduce its debt pile.
Shares in the troubled construction and services company tumbled to a new low of 114.9p on Monday, down 12%, after crashing 35% on Friday, as its mounting problems prompted comparisons with Carillion, a former rival that collapsed last year.
Kier shocked the market with a profits warning a fortnight ago and the new chief executive, Andrew Davies, has brought forward his turnaround plan for the business, which employs 19,000 people in the UK and works on large infrastructure projects such as HS2 and Londons delayed Crossrail. He also suspended dividend payments for this year and 20…
Read the full article at: https://www.theguardian.com/business/2019/jun/17/kier-group-cut-jobs-construction-shares-debt