Connaught faces 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...