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15 January 2018, 13:13
20,000 jobs are at risk after one of the UK's biggest construction firms, Carillion, has confirmed it's going into liquidation.
In a statement, Carillion bosses said they had "no choice but to take steps to enter into compulsory liquidation with immediate effect" after talks failed to find another way to deal with the company's debts.
Around 400 people work at the headquarters in Wolverhampton.
The firm worked on high profile projects like the M6 Toll Road and is currently part of the HS2 project but it was announced on Monday morning it has been forced to collapse with £900 million worth of debt.
Philip Green, chairman of Carillion, said: "This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years."
Local MPs have been taking to Twitter with their reaction to the news:
Statement on Carillion. https://t.co/rz0Fjj6QUG— Pat McFadden (@patmcfaddenmp) 15 January 2018
Terrible news today for 400 employees of #Carillion at their HQ in #Wolverhampton & many others across country. Serious questions need to be answered about the leadership of the company, why they were paid so much & what will be done to help those who are losing their jobs.— Emma Reynolds (@EmmaReynoldsMP) 15 January 2018
Unions are calling for urgent reassurances over the jobs, pay and pensions of thousands of workers although government officials say staff will get paid and anyone receiving pensions will get their payments too.
Rail, Maritime and Transport union General Secretary Mick Cash said: "This is disastrous news for the workforce and disastrous news for transport and public services in Britain.
"We have been warning since Thursday night that we thought the collapse of the company was imminent.
"Transport Secretary Chris Grayling and his Tory colleagues must be forced to take responsibility for this crisis which is wholly of their making."
In November, the company announced it had been awarded two contracts on Network Rail's Midland Mainline improvement programme - despite issuing several profit warnings.