Infrastructure investor the latest to flag up financial hit
John Laing Infrastructure Fund is the latest firm to say it will take a financial hit following Carillion鈥檚 collapse, admitting that it expects to be out of pocket by 拢3m.
The infrastructure investment company said it continues to work on implementing contingency plans to replace Carillion as facilities management provider on nine projects and expects 鈥渕inimal service disruption鈥�.
But it said the cost of appointing replacement facilities managers is expected to reach 拢3m.
It added there were no projects in construction where Carillion is the contractor and said it owned one project where Carillion is still liable for any construction defects. It added a routine defects survey had not found 鈥渁ny significant areas of concern鈥�.
John Laing joins a growing number of listed firms who have been forced to put out updates on the expected impact of Carillion going bust. The list includes piling firm Van Elle, set to write off 拢1.6m for work on Network Rail schemes, and Balfour Beatty and Galliford Try with the pair facing an 拢80m hit on the Aberdeen bypass the two were building alongside the bust firm.
Meanwhile, on Friday another infrastructure investment company warned it was facing losses as a result of Carillion鈥檚 collapse.
International Public Partnerships said it had made 鈥済ood progress鈥� on transferring projects managed by Carillion鈥檚 FM arm to new firms but admitted the cost of finding replacements would be up to 拢1.5m.
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