A CONSTRUCTION firm is to have an emergency meeting as they seek a way out of financial trouble.

Carillion, the UK’s second largest construction company has a debt of around £1.5 billion, and has a training base in Southampton.

It employs around 20,000 people and has staff abroad.

Carillion, with a base in Millbrook, is a major supplier to the Government and key contractor in the first phase of building the £56 billion HS2 rail line, but has seen its share price plunge nearly 80% in the past six months after making a string of profit warnings and breaching its financial covenants.

Gail Cartmail, Unite assistant general secretary, said Carillion's workforce was being "held hostage by the whims of the market".

She added: "The huge pension deficit is a further worry for the Carillion workforce, as well as their jobs being potentially on the line, they have also discovered that their pensions, which they have saved for, could be at risk."

A Government spokeswoman said: "As Carillion is a major supplier to Government it should come as no surprise that we are carefully monitoring the situation while working to ensure our contingency plans are robust.

"We are committed to maintaining a healthy supplier market and work closely with our key suppliers.

"The company has kept us informed of the steps it is taking to restructure the business."

The Pensions Regulator would not comment on whether it was attending specific meetings, but a spokesman said: "We have been and remain closely involved in discussions with Carillion and the trustees of the pension schemes as this situation has unfolded.

"We will not comment further unless it becomes appropriate to do so."