Lloyds Bank has said it will provide £50m to support its small business customers who are struggling following the failure of outsourcing company Carillion and after the government refused to insure its debts.
Meanwhile, Nationwide building society has said it will take in-house jobs which were performed by Carillion.
Lloyds said its fund was for small businesses within Carillion’s supply chain that “may now be experiencing financial difficulty”.
From 22 January 2018, 250 staff, mainly cleaners and maintenance workers, who were on the Carillion payroll, will be employed directly by Nationwide.
It will also take over contracts arranged by Carillion, which provide employment for another 1,500 workers.
Carillion went into liquidation earlier this week, threatening thousands of jobs, about 20,000 of them in the UK.
If you are considering a company merger, acquisition, takeover or joint venture or are in the midst of a shareholder dispute or share capital transaction or need business advice please contact us. Call 0161 624 6811 to speak to John Porter and Soibi Iketubosin in our Company/Commercial Department or email jap@wrigleyclaydon.com or si@wrigleyclaydon.com
Author: Shalish Mehta
http://www.wrigleyclaydon.com/ Shalish is an experienced dispute resolution solicitor who joined the firm in 2002 ago upon qualifying as a solicitor and provides a proactive approach whilst retaining the personal touch
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