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mark occomore
Joined: 07 Dec 2006 Posts: 9955 Location: UK
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Posted: Tue Sep 07, 2010 7:10 pm Post subject: Connaught Appoints Adminstrators. |
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Connaught on Tuesday said it was in the process of appointing administrators and requested trading in its shares be suspended after the stricken social housing group said its lenders would not provide the funding it needed to restructure.
In a statement, Connaught said that it was set to bring in partners from KPMG as administrators of the parent company and its troublesome social housing division.
However, Connaught’s environmental and compliance division avoided being put into administration. A person familiar with the matter said it was being touted for a possible sale.
A person close to the company said the move to bring in the administrators was a “shock”, but the banks hadn’t given the support needed for the group to refinance.
The development comes at the end of two months in which Connaught’s shares have crashed from 320p at the end of June to just 16½p at the close of trading on Monday.
This will put contracts on hold and putting 10,000 people out of work. It could also put repairs to properties on hold which may effect where people are living. |
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ColinB Guest
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Posted: Tue Sep 07, 2010 7:26 pm Post subject: |
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My friend was, until recently, an interim director with one of the Connaught companies. His contract ended just in the nick of time. The dire state of the group's finances has been known for a long time so it can't really be described as a "shock". The company was appallingly run.
However, I'm not really sure why this warrants a thread in these forums, Mark. Are to we have a thread on every major news story and - if so - wouldn't it be best left to the mainstream news portals?
BTW - why have you gone to the effort of highlighting the company name in red??? |
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mark occomore
Joined: 07 Dec 2006 Posts: 9955 Location: UK
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Posted: Tue Sep 07, 2010 9:34 pm Post subject: |
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ColinB wrote: | My friend was, until recently, an interim director with one of the Connaught companies. His contract ended just in the nick of time. The dire state of the group's finances has been known for a long time so it can't really be described as a "shock". The company was appallingly run.
However, I'm not really sure why this warrants a thread in these forums, Mark. Are to we have a thread on every major news story and - if so - wouldn't it be best left to the mainstream news portals?
BTW - why have you gone to the effort of highlighting the company name in red??? |
This part of the forum in to post News and Current Affairs. It would be waste of time keeping it if know one posted anything. This story I found was news worthy. Colin, If you could find a peice of news which warrants a post please do so. Thank-you for contributing. |
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ColinB Guest
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Posted: Tue Sep 07, 2010 10:06 pm Post subject: |
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mark occomore wrote: | This part of the forum in to post News and Current Affairs. It would be waste of time keeping it if know one posted anything. This story I found was news worthy. Colin, If you could find a peice of news which warrants a post please do so. Thank-you for contributing. |
Thank you for your kind words.
Let me put my question differently. Why replicate what's published widely on the web anyhow? |
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mark occomore
Joined: 07 Dec 2006 Posts: 9955 Location: UK
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Posted: Wed Sep 08, 2010 3:32 pm Post subject: |
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ColinB wrote: | mark occomore wrote: | This part of the forum in to post News and Current Affairs. It would be waste of time keeping it if know one posted anything. This story I found was news worthy. Colin, If you could find a peice of news which warrants a post please do so. Thank-you for contributing. |
Thank you for your kind words.
Let me put my question differently. Why replicate what's published widely on the web anyhow? |
People can't always discuss these topics on the world wide web. I always thought this was one of the places to do this. |
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ColinB Guest
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Posted: Wed Sep 08, 2010 4:57 pm Post subject: |
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mark occomore wrote: | People can't always discuss these topics on the world wide web. |
There are hundreds of news-orientated web portals where news stories can be discussed. |
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