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 of the Group's financing for the longer term.
"The Group now believes that the availability of additional funds from its lenders will not be forthcoming and the ability to provide an adequate solution to the funding issues the Group faces has become increasingly uncertain."
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