How a century-old construction giant survived a near-death experience to reach record financial health

Science · Published 20 October 2026 · Updated 21 October 2026 Swipe more like this →

In short: Founded in 1928, Kier Group evolved from a niche concrete specialist into a massive UK contractor. Yet, by 2019, the firm faced existential threats, including plummeting share prices and market fears of total collapse. Through radical restructuring and asset sales, Kier staged a remarkable recovery, recently achieving a net cash surplus.

Established by Danish engineers Jorgen Lotz and Olaf Kier in Stoke-on-Trent, the company initially focused on innovative concrete engineering. By the 1930s, it gained fame for projects like the Highpoint apartment blocks in London, which Le Corbusier praised as an achievement of the first rank. Over the decades, the firm expanded into large-scale infrastructure, including power stations, docks, and major transport links, eventually listing on the London Stock Exchange in 1963.

The company's stability was tested in the early 21st century. Following the 2018 collapse of rival Carillion, Kier faced intense scrutiny due to its own debt levels and reliance on complex contracts. A failed rights issue in late 2018 triggered a severe crisis, with shares hitting 15-year lows and analysts openly questioning if the firm would survive. The company responded with a brutal turnaround strategy: shedding 1,700 employees, selling its Bedfordshire headquarters, and offloading its housebuilding arm, Kier Living, to Terra Firma for £110 million.

Under the leadership of CEO Andrew Davies, who took the helm in 2019, the group focused on core construction and infrastructure services. This pivot, combined with a successful £241 million capital raise in 2021, allowed the company to slash its debt. By January 2026, the firm reached a milestone not seen in over a decade: a positive month-end net cash position. Today, Kier operates with record order books and rising profits, marking a definitive end to its period of financial instability.

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