Tuesday, September 7, 2010

Connaught to go into administration

Connaught to go into administration

Connaught, the property services group that specialises in social housing, is on the brink of going into administration, according to bankers close to the company. An announcement is expected tomorrow, I have learned. Connaught, which employs 10,000 people, has £220m of debt, provided by half a dozen banks and a quartet of other creditors. The lead bank is Royal Bank of Scotland, which recently provided Connaught with a further £15m in an attempt to keep the group going. Connaught ran into serious difficulties over the past couple of months, after it emerged that a series of contracts would be lossmaking.

Posted by togger @ 12:27 AM (632 views)
Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>