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.
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