Tue, 07 Sep 2010 | ADMINISTRATION
Social housing specialist Connaught is teetering on the edge of administration and has suspended its share trading, it has been reported.
The property services group has a hefty £220 million of debt that is provided by six banks and another four creditors.
Measures taken to secure further funding have been unfruitful.
In a statement Connaught said: “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.”
News that 30 contracts would be loss making has been a further blow to Connaught over the past two months.
RBS recently pumped £15 million into the business to keep it afloat. Connaught’s bank creditors have decided to place the business into administration, however, having rejecting a rescue plan.
The Devon-based business was originally set up in 1982 as a concrete repair specialist, and today offers integrated services to the social housing, public sector and environmental markets.
Connaught’s shares had dived by over 90 per cent before its suspension, while 2011 revenues and profits were predicted to fall by a further £120 million and £16 million respectively.
Provides a comprehensive range of training courses covering health, safety and wellbeing, leadership, people development and IT, as well as specialist programmes aimed at the police and other emergency response services.
The company offers global IT transition and transformation, information and cyber security, quality assurance and testing, risk management, architecture and design, data intelligence, compliance, certification and audit, desktop engineering, IT servi...
The company provides turnkey planning solutions for luxury events, such as weddings, corporate events, and private parties. As well as high-end weddings and parties, events include film premiers, TV show closing parties, major corporate events, char...
12
|
Nov
|
Hi-fi firm Rega tunes into employee ownership | BUSINESS SALE
Half a century old hi-fi manufacturer Rega Research has turn...
12
|
Nov
|
Management take the wheel at coach tour firm LSG | MBO/MBI
The management team of battlefield, bridge and knitting coac...
12
|
Nov
|
UK administrations update: November 5 – 12 | ADMINISTRATION
Since our last update, the following businesses have been co...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.