[105] In November 2019, Kier and subsidiary McNicholas Construction Services were suspended from the Prompt Payment Code for failing to pay 95% of all supplier invoices within 60 days. Kier also highlighted "volume pressures" in its highways, utilities and housing maintenance markets. By clicking the button above, you agree to our Terms of Use. Legg Mason Investor Services LLC, is a wholly-owned subsidiary of Franklin Resources, Inc. [29][30][31] However, because Kier shared characteristics that contributed to Carillion's collapse - problem contracts, rising debts, and use of reverse factoring supply chain finance - City hedge funds began to 'short' Kier's shares; 10.9% were shorted by 30 August 2018,[32] later rising to 18%,[33] though Kier's position was not seen to be as risky as Carillion's. [77], Half-year results announced on 5 March 2020 showed Kier made a pre-tax loss of £41.2m in the final six months of 2019 (marginally better than 2018's restated £45.3m loss); revenues were down 9% to £1,866m (2018: £2,053m). [71] It also announced the appointment of a new CFO, Simon Kesterton (adept at "the disposal of non-core assets, the reduction of overheads and cost control"), with effect from 19 September 2019. These revisions followed £10.3m in adjustments to the group's hedging activities, and £40.2m in relation to development assets held for resale. Kier Group plc ("Kier" or the "Company") announces that Simon Kesterton will be appointed to its board of directors (the "Board") as Chief Financial Officer Designate with effect from 26 August 2019 and will assume the role of Chief Financial Officer from 19 September 2019. Costain has 3,400 employees across 6 locations and £1.16 B in annual revenue in FY 2019. By 2004, Kier housing sales were over 1,000 units a year. [18] Kier was listed on the London Stock Exchange in 1996. High quality data. Kier Property builds affordable and private houses, and develops and invests in office, industrial, and retail property across the UK. [75] In October 2019, Kier announced it was selling its Tempsford Hall headquarters in Bedfordshire to raise cash from its property assets. Kier & Co Ltd remained a private company until 1963 when it obtained a listing on the London Stock Exchange and became a public company. [59] In a 3 June 2019 profit warning, Kier said operating profits would be £25m lower than previously expected,[60] causing its share price to fall over 40%[61] - trading at about 150p, less than half the rights issue price, on 6 June. [57][58], On 20 March 2019, Kier's half-year results showed a pre-tax loss of £35.5m in the second half of 2018 with revenues flat at £2,064m. © Dun & Bradstreet, Inc. 2000 - 2020. The continuing restructuring had resulted in over 751 lay-offs, with a further 450 roles set to be axed. [79] On 24 March 2020, as the financial impacts of the COVID-19 pandemic became clear, Kier's board of directors took a three-month 20% pay cut to mitigate the financial impact of the crisis, and warned employees' salaries might also be cut. Learn More About our Enterprise Analytics Solutions, See More Companies in the Management of Companies & Enterprises Industry. [35][36] On 15 November 2018, Kier announced the £24m sale of its Australian road assets business KHSA to joint venture partner Downer, saying sale proceeds would help reduce net debt[37] - £624m at 31 October 2018. [28], After the liquidation of rival contracting and services provider Carillion in January 2018, Kier took on some Carillion staff and contracts: 150 Carillion workers employed on smart motorway joint ventures with Kier became Kier employees; 51 Carillion employees working on seven HS2 civil engineering packages awarded to the CEK joint venture were allowed to join Kier/Eiffage. The Kier family retained a significant majority of the holding. It also warned of £25m of additional costs on its Broadmoor Hospital redevelopment. Find related and similar companies as well as employees by title and much more. [103], Kier was the main contractor in the failed DG One leisure centre in Dumfries. Credit building solutions to fit your growing business. Looking for information on your own credit? [14], When this project was completed in 1935 it became widely renowned as the finest example of this form of construction for residential purposes. Immediate neighbours included Marples Ridgeway (builders of Hammersmith Flyover) and Edmund Nuttall (builders of both Mersey road tunnels). [18], Five years later (1991) Hanson plc bought Beazer plc[19] and made an early decision to dispose of the contracting arm, now known simply as Kier. Kier Group plc is a UK construction, services and property group active in building and civil engineering, support services, public and private housebuilding, land development and the Private Finance Initiative. This triggered a management buyout at Beazer, leading to the forming of Kier Group, Britain’s first major contractor to be employee-owned. [26] In June 2015 Kier completed the acquisition of Mouchel, a business which included infrastructure services and business services divisions, for £265 million;[27] Mouchel Infrastructure Services was rebranded as Mouchel Consulting, and sold to WSP Global in October 2016. Shares were also subject to renewed 'shorting'. *Contacts and Principals counts are estimates and may differ from the actual number of contacts available in D&B Hoovers. See insights on Costain including office locations, competitors, revenue, financials, executives, subsidiaries and more at … [38], However, on 30 November, Kier announced a £264m rights issue, priced at 409p, to pay down net debts;[38] the announcement led to Kier shares dropping almost 33%,[39] cutting Kier's stock market value by £329m to £492m. [97], Kier was revealed as a subscriber to the UK's Consulting Association, exposed in 2009 for operating an illegal construction industry blacklist, and was among 14 issued with enforcement notices by the UK Information Commissioner's Office. - The Companies", "Snowhill builder holding steady despite the crunch", "HS2 contracts worth £6.6bn awarded by UK government", "Construction blacklist compensation scheme opens", "Scottish Affairs - Seventh Report Blacklisting in Employment: Final Report", "Unite launches new round of blacklisting legal action", "Glasgow fires as devastating as IRA bomb in Manchester, says MP | Scotland", "DG One build inquiry - Dumfries and Galloway Council", "Kier outed as 'poor payer' at parliamentary inqury into small businesses", "Late-paying Kier suspended from Prompt Payment Code", "Kier Construction reinstated to Prompt Payment Code", "Kier Highways and Seddon readmitted to Prompt Payment Code", "Prompt payment redemption for Kier Integrated Services and FM Conway", Construction industry of the United Kingdom, Department for Communities and Local Government, Department for Business, Innovation and Skills, Chief Construction Adviser to UK Government, British Constructional Steelwork Association, Building Engineering Services Association, Civil Engineering Contractors Association, National Access and Scaffolding Confederation, National Federation of Demolition Contractors, SELECT (Electrical Contractors' Association of Scotland), Association for Environment Conscious Building, Building regulations in the United Kingdom, Development control in the United Kingdom, Town and country planning in the United Kingdom, https://en.wikipedia.org/w/index.php?title=Kier_Group&oldid=992814373, Construction and civil engineering companies of the United Kingdom, Construction and civil engineering companies established in 1928, Companies listed on the London Stock Exchange, Articles with dead external links from October 2017, Articles with permanently dead external links, Creative Commons Attribution-ShareAlike License, This page was last edited on 7 December 2020, at 06:37. Kier Group plc has announced the appointment of Andrew Davies as its chief executive from 15 April 2019. Secure and cloud-based. All rights reserved. Kier Group has 18,778 employees across 61 locations and £4.12 B in annual revenue in FY 2019. Kier Group has sounded out advisers about the potential to sell its house building division,according to the Times, which adds that the division is … The cost-cutting process begun in 2018 had cut 1,200 jobs with another 50 set to leave by 30 June 2020. Kier Group is a leading property, residential, construction and services group which invests in, builds, maintains and renews the places where we work, live and play. Following an abortive bid for Abbey in 1985, French Kier itself was the subject of a hotly contested bid by Beazer, which eventually succeeded in January 1986. British builder Kier Group named former Carillion CEO-designate Andrew Davies to its top job on Tuesday as it strives to cut debt and respond to problems afflicting the wider outsourcing industry. [86], On 17 September 2020, Kier announced a £225.5m loss on the year to 30 June 2020, on revenues down 15% to £3,476m. [83] Kier also closed its Reading office with the loss of up to 40 jobs. This was soon followed by acquisitions of house builders Twigden plc, Allison Homes and Bellwinch Homes. Kier Group plc (LON: KIE) is moving in the right direction, but investors might want to watch any progress from the sidelines. [46] On 10 December, shares closed at 376.4p, a 15-year low. [42] On 5 December, Kier was demoted from the FTSE 250 Index,[43] and its share price dropped below the rights issue price,[44][45] making it cheaper for investors to buy shares in the open market than in the rights issue, and leaving underwriters (Numis, Peel Hunt, Citigroup, HSBC and Santander) facing losses. Detailed profiles of all businesses owned and operated by this company for insights and prospecting. Reach the right people with access to detailed contact information. You consent to Dun & Bradstreet (D&B) using this data for marketing and analytical purposes, and to D&B emailing you or using an autodialer or pre-recorded voice to text or call you at the number you provide with marketing or other offers. During the early 21st century, it expanded through acquisitions, and in September 2018 Kier was ranked, by turnover, as the second biggest UK construction contractor, behind Balfour Beatty. In July 2017 Kier acquired McNicholas Construction, another UK infrastructure services provider. The sale of Kier Living was in progress, as was the process of closing Kier's Tempsford Hall head office,[78] set to complete in June 2020. Kier Group Holdings, LLC operates as an investment holding company. [23][24], In 2013, Kier acquired the services firm May Gurney for £221 million,[25] becoming the then fourth largest contracting firm in the UK (behind Balfour Beatty, Carillion and Laing O'Rourke). Kier is a leading provider of construction and infrastructure services, providing specialist design and build capabilities. Kier Group PLC is a construction and services company that builds and maintains projects for various sectors. Its offer for shares was many times oversubscribed. Kier Group as we know it today began in 1992 when the company was acquired by Hanson plc. Always at your fingertips. Its largest business is Kier Construction, which offers engineering and contracting services for a variety of building and infrastructure projects in the UK and overseas. [49][50] They were trading at 529p on 11 January 2019, when some shareholders sought changes in Kier's leadership team. They were responsible for the reinforced concrete and general building. We use cookies for marketing and advertising purposes, and to provide the best experience on our website. Kier Group has acquired 2 companies, including 1 in the last 5 years. Kier Group plc is a UK construction, services and property group active in building and civil engineering, support services, public and private housebuilding, land development and the Private Finance Initiative. [54] On 28 January 2019, Kier shares dropped 4% after reports it would sell its housing maintenance arm to cut debt,[55] and the company was also reducing its waste management activities. You consent to Dun & Bradstreet (D&B) using this data for marketing and analytical purposes, and to D&B emailing you or using an autodialer or pre-recorded voice to text or call you at the number you provide with marketing or other offers. [100] In December 2017, Unite announced it had issued high court proceedings against four former chairmen of the Consulting Association, included Danny O'Sullivan of Kier, alleging breach of privacy, defamation and Data Protection Act offences. It seems the board members have no more than UK£95k worth of shares in the UK£126m company. [16], Olaf Kier sought to retain family leaders at the head of the organisation. [34] The 2018 results were in line with City expectations - showing a pre-tax profit of £137m from stable revenue of £4.5 billion - with Kier outlining clear debt reduction plans. Then, during the 1950s, Olaf's nephew, Mogens Kier, joined the firm's management structure, but did not progress to a leading position in the company. The fall was partly due to COVID-19 impacts as well as 'challenging' market conditions throughout the year. Kier & Co Ltd, which remained the company's principal title for over four decades. 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