Lloyds Group offers £50m for Carillion's small business victims

Reuters
Reuters
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19 January, 2018

Chief executive Sarah Beale said: "We understand it's a very worrying time for the young people who were on the Carillion apprenticeship programme, but we can help them restart their training and get their careers back on track if they get in touch with us".

The government is setting up a Carillion task force formed of business and unions to help with the fallout of the collapsed contractor.

It said it wanted to provide "reassurances" at an "unsettling" time.

Business secretary Greg Clark is to chair the task force's first meeting.

Afterwards, he said United Kingdom lenders were ready to give "tailored support" and flexibility when it came to repayments.

For the "most severely impacted" customers, that could mean capital repayment holidays on loans for six months to start with, to help with cash flow problems.

United Kingdom banks and the Government are working closely to make sure the impact of the Carillion liquidation on SMEs in the supply chain is understood and managed in a way that best supports those in need of assistance.

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Now Lloyds Banking Group (LBG) has announced a £50m package of support to its small business customers, as part of a range of emergency measures for those businesses within Carillion's supply chain which are now in financial difficulty.

The lender will also take over contracts arranged by Carillion, which provide employment for another 1,500 workers.

"We want those other private sector companies to take on those workers".

Those suppliers will now have their contracts directly with the building society, Nationwide said.

It described itself as an "integrated support services business" and held about 450 governmental contracts, spanning the education, justice, defence and transport ministries.

Carillion collapsed on Monday when its banks pulled the plug, forcing the government to step in to guarantee public services provided by the company ranging from school meals to road works.


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