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February 21, 2018

Latest:

RHS Flower Show Tatton Park 2018 highlights announced -

Wednesday, February 21, 2018

Mayor of London and L&Q to invest £500m in Barking Riverside -

Wednesday, February 21, 2018

Innovative new equipment from Sutcliffe Play -

Tuesday, February 20, 2018

Andrew Wilson and Gavin McWilliam to focus on separate ventures -

Tuesday, February 20, 2018

Masterplanners appointed for Stonedale regeneration plan -

Tuesday, February 20, 2018

The Collectors Garden at RHS Malvern Spring Festival -

Tuesday, February 20, 2018

Kubota UK launches new B Series compact tractors -

Monday, February 19, 2018

Registration opens for The Chelsea Fringe 2018 -

Monday, February 19, 2018

New directors appointed as Glendale announces restructure -

Monday, February 19, 2018

Alan Titchmarsh teams up with Beth Chatto Educational Trust for charity fundraiser -

Sunday, February 18, 2018

Cheltenham High Street improvements begin this summer -

Saturday, February 17, 2018

LDA Design to deliver a Big Town Plan for Shrewsbury -

Friday, February 16, 2018

Mayor’s £6m fund to boost green spaces & reduce plastic waste -

Friday, February 16, 2018

Get your hands dirty with an RHS apprenticeship -

Friday, February 16, 2018

Kubota UK launches new zero turn ride-on mower -

Thursday, February 15, 2018

Piet Oudolf at RHS Hampton Court Palace Flower Show 2018 -

Thursday, February 15, 2018

RAF100 Centenary Garden seeks sponsors -

Thursday, February 15, 2018

Show of resilience from invasives experts at industry conference -

Thursday, February 15, 2018

Celebrating business success: The Pro Landscaper Business Awards 2017 -

Wednesday, February 14, 2018

Palmstead Nurseries launches new staff training academy -

Wednesday, February 14, 2018

Banks swoop in to aid workers after Carillion shutdown

banks

With construction juggernaut Carillion closing its doors, 30,000 subcontractors have been left stranded with outstanding debts being left unpaid, forcing some companies to scale back and make extensive redundancies.

Lloyds Banking Group has released a statement, pledging £50m to aid firms connected with Carillion prior to its demise. This isn’t a hand out however, as the fund comprises of loan capital set aside that allows companies to borrow without and arrangement fees or repayments for six months. This will likely sustain companies, preventing them from descaling until the government or another construction giant such as Balfour Beatty step in to resume work on public sector projects. The sum of £50m was decided upon as the bank’s estimate of what the companies will need to remain afloat, although this figure will be revised if need be.

Post this move from Lloyds occurring, other banks have swooped in to out-do one another, including Royal Bank of Scotland chipping in £75m for Carillion related loans and HSBC making over £100m available for small businesses that are in need.

These funds are being pledged despite banks who loaned to Carillion being warned that they are likely to receive: “less than a penny for every pound that they lent the company,” according to a statement made by Carillion creditors.

Businesses met with banks at the Department for Business, Energy and Industrial Strategy (BEIS) to deliberate how best to contain Carillion’s fallout.

A BEIS spokesperson said: “We have created a taskforce to continue to support and monitor the impact on small businesses and employees who have been affected by Carillion’s insolvency.

Image result for carillion loans

Closed Carillion construction site

“The taskforce will comprise representatives from business, construction trade associations, the trade unions, lenders and government.”

The goal of this group is to ensure businesses are supported in the most viable way do they can remain trading. Should any be forced into closure, banks are currently in discussions as to how they can support individuals who are suffering as a result of Carillion’s closure. This will undoubtedly include a substantial number of people in the landscaping industry. One ex-employee from a landscaping company that was previously subcontracted by Carillion has said: “I arrive at work on Monday [15 January] and was just told to go home. I’ve heard nothing yet, so I’m fearing the worst.”

In addition to banks offering both business and individual loans, charities such as Perennial are providing support to people in the horticulture and landscaping sector who have been affected by Carillion. Additional support is set to come from companies within the sector who are opening their doors to taking on new staff, keeping opportunities available within the landscaping industries.

These are troubling times for companies affiliated with Carillion, however a government statement was issued saying that: “all is being done to help the small business that keep this countries economy going.” We shall wait to see if this rings true in the coming months.

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