UK public sector contractor Kier cuts pay for 6,500 employees By Reuters

UK public sector contractor Kier cuts pay for 6,500 employees

Stock Markets Mar 30, 2020 02:55AM ET

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UK public sector contractor Kier cuts pay for 6,500 employees

(Reuters) - British contractor Kier Group (L:KIE) will cut wages for about 6,500 employees, including executives and board members, by between 7.5% and 25% for the three months beginning April, it said on Monday.

The builder, which works mostly for government, constructing schools, hospitals and other infrastructure, also said about 80% of its sites remain operational and that it had credit facilities worth 910 million pounds versus average net debt of 395 million pounds in the six months to the end of December.

Its most recent annual report said it had around 19,000 employees.

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