Property services group Connaught has suspended trading of its shares and may be on the brink of administration.
The firm, which has £220m of debt and employs 10,000 people, has struggled to find finance and its existing creditors have begun insolvency procedures, according to the BBC. Although a FTSE 250 company, Connaught has run into trouble over the past few months following the revelation that many of its contracts have been deferred as a result of government spending cuts. In a statement to the London Stock Exchange, the company says: "Connaught has had continuing discussions with its lenders and other sources of finance with the objective of securing additional funding and a restructuring...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes