Kier boss says right issue cash 'removes debt shadow' from firm

By Hamish Champ2018-11-30T20:09:00

Haydn Mursell bangs drum for contractor, saying subbies can be confident in working with the group

Kier’s £264m rights issue, announced on Friday afternoon, might help to stop subcontractors deserting it after the firm’s boss said the injection of new money would remove the threat to its future.

Chief executive Haydn Mursell admitted the government has also leaned on the group to shake up its payment terms, which, according ot government, takes 54 days to settle up with its suppliers.

Mursell (pictured) said the rights issue, which will see nearly 65 million new shares hit the market next month, had “completely de-risked” the firm.

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