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Jobs to go as Connaught on brink


Wednesday September 8th 2010

Social housing firm Connaught is on the brink of going into administration, putting at risk thousands of jobs.

KPMG administrators are in the process of being appointed for the main company and its subsidiary Connaught Partnerships Limited, the group's board has confirmed.

They were expected to be placed into administration on Wednesday.

It will be business as usual, however, at other subsidiaries including Connaught Environment Limited, Fountains Limited, National Britannia Holdings and Connaught Compliance.

The debt-ridden Exeter-based repair and maintenance specialist has been in turmoil since warning in June that Government spending cuts could blow a £200 million hole in revenues over this year and next.

Since July, bosses at Connaught have been in discussion with its lenders and other potential financiers in a bid to keep the company afloat.

But these initiatives "failed to reach a satisfactory conclusion in the time available", a statement from the board read.

As a result it became "clear that sufficient support would not be extended to the group as a whole to enable it to continue trading as a going concern".

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