KPMG confirms appointment as administrators to Connaught
Collapsed building group in administration with a view to a sale
KPMG have been made administrators of building group Connaught plc, the firm
confirmed today.
Richard Heis, Richard Hill and Richard Fleming have been made joint
administrators. A statement from the firm said they hoped to trade the business
in the short term with a view to selling. they said they hoped the “majority”
of staff will be transferred to new companies.
Heis said: “Following the group’s recent trading statements a substantial
review of the group’s businesses and cash flows was carried out by the board and
its advisers. Notwithstanding the group’s bankers providing an additional £15m
overdraft (announced on 29th July) it becmae clear that the Partnerships
business was no longer sustainable and had a substantial cash requirement
significantly beyond its available lending facilities. The directors therefore
have placed Connaught plc and connaught Partnerships and one smaller company
into administration.”
Heis said separate companies Connaught Compliance and Connaught Environment
would continue to trade as normal under their directors.
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