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Connaught “on brink of administration”

first_img Connaught, the property services group that specialises in social housing, is on the brink of going into administration, the BBC has reported.The company, which employs 10,000 people, has suspended trading of its shares, and said a further announcement would be made “in due course”.Connaught has £220m of debt, provided by six banks and four other creditors.But it said discussions to secure further funding had been unsuccessful.“Connaught has had continuing discussions with its lenders and other sources of finance with the objective of securing additional funding and a restructuring of the group’s financing for the longer term,” the company said in a statement to the London Stock Exchange.“The group now believes that the availability of additional funds from its lenders will not be forthcoming and, whilst it remains in discussions with other parties, the ability to provide an adequate solution to the funding issues the group faces has become increasingly uncertain.”Connaught was hit by a series of loss making contracts.Royal Bank of Scotland recently provided Connaught with a further £15m.However, its bank creditors have now decided instead to put the business in administration, under UK insolvency procedures, according to the reports. Tags: NULL John Dunne whatsapp Show Comments ▼ Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof center_img whatsapp Connaught “on brink of administration” Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy Fan Tuesday 7 September 2010 3:52 amlast_img

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