Scottish projects under threat

A rescue package for troubled construction giant Carillion has been rejected in a result that has left Scottish projects at risk.

A business plan tabled by the group on Wednesday was denied because the proposal failed to present a solid proposition for restructuring the business. Shares in Carillion subsequently crashed more than 20 per cent, with the group believed to have put accountancy giants EY and PWC on standby in the event of an administration.

The debt-laden firm is in charge of the extension of platforms at Edinburgh Waverley station, a new £745 million Aberdeen bypass and two facility management contracts with the Ministry of Defence worth £158m, which covers 83 military sites in Scotland.

Carillion is struggling under £900m of debt and a £590m pension deficit.