Interserve Construction managing director Gordon Kew said the firm extended its payment terms last year because its competitors had done the same.
Carillion used its invoice factoring early payment facility (EPF) to “hide the true extent of its massive debt”, according to the Carillion joint inquiry.
Corbyn: 30-day pay terms should be lawSubscription
Labour leader Jeremy Corbyn has told Construction News he wants invoice payment within 30 days to be enshrined in law.
Tarmac’s purchase of Welsh contractor Alun Griffiths is being investigated by the competitions watchdog.
Skanska UK to sell Cementation piling businessSubscription
Skanska UK has revealed plans to sell its piling and foundations business Cementation Skanska.
Lagan Construction collapsed owing firms £21m Subscription
Collapsed contractor Lagan Construction Group owed firms more than £21m when it entered administration in March, CN can reveal.
Renew buys rail contractor QTS for £80mSubscription
Engineering services group Renew Holdings has acquired Scottish railway contractor QTS in a deal worth £80m.
Late payment 'harming mental health of SMEs'Subscription
Half of SME construction business owners hit by late payment problems have suffered mental health issues as a result, according to a survey by The Prompt Payment Directory.
Interserve chief executive Debbie White has said she expects the company’s construction business to shrink as opportunities in its traditional markets dwindle.
Exclusive: Banks have reported “low activity” in the number of Carillion suppliers seeking financial help following the contractor’s collapse, with one bank seeing just 18 firms using specially allocated support.