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08/09/2010
Jobs Under Threat As Housing Firm Faces Collapse
Thousands of jobs are at risk with the news that social housing firm Connaught is facing administration.
The company is expected to announce that it is being put in administration later today.
The news comes three months after the Exeter-based company warned that public spending cuts would impact on 31 of its project, reducing the company's revenues by £80 million this year.
Shares in the company have subsequently fallen by 90% since then.
Trading in the company's shares was suspended yesterday, after it was announced that they were in the process of appointing administrators.
The firm, which provides a number of services including property management for the public sector, affordable housing projects, waste management, cleaning and forestry services, employs around 10,000 people and currently has around 180 social housing contracts in the UK.
It is understood that the company's other main subsidiary firms - Connaught Compliance, National Britannia Holdings, Fountains and Connaught Environmental - are not being placed in administration.
(KMcA/GK)
The company is expected to announce that it is being put in administration later today.
The news comes three months after the Exeter-based company warned that public spending cuts would impact on 31 of its project, reducing the company's revenues by £80 million this year.
Shares in the company have subsequently fallen by 90% since then.
Trading in the company's shares was suspended yesterday, after it was announced that they were in the process of appointing administrators.
The firm, which provides a number of services including property management for the public sector, affordable housing projects, waste management, cleaning and forestry services, employs around 10,000 people and currently has around 180 social housing contracts in the UK.
It is understood that the company's other main subsidiary firms - Connaught Compliance, National Britannia Holdings, Fountains and Connaught Environmental - are not being placed in administration.
(KMcA/GK)
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