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鈥淵ou have always got to think there is a solution.鈥� Laing O鈥橰ourke鈥檚 Stewart McIntyre is talking about the months spent trying to negotiate a second refinancing deal in three years. The 拢177m revolving credit facility was finally sorted a year ago, but something that should have taken six months ended up taking nine. As the firm鈥檚 group finance director, McIntyre was charged with making sure it happened, but sector and lender sentiment conspired at times to make it seem nigh on impossible. 鈥淚t was really, really difficult,鈥� he concedes. 鈥淭here were a lot challenges.鈥�

Top of that list was Carillion鈥檚 collapse in early 2018. 鈥淐atastrophic,鈥� McIntyre admits. 鈥淎nd Kier came out with their emergency fundraising and it doesn鈥檛 work because the underwriters had to support that significantly.鈥� The rights issue announced in November 2018 was taken up by just one third of Kier鈥檚 shareholders. 鈥淲e had the Interserve situation going on as well and the constant drip of tier 2, 3 and 4 companies going into administration. It was extremely difficult.鈥�

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