KPMG called in over Connaught
Thursday 09 September 2010
KPMG was formally appointed as administrator at the embattled social housing group Connaught last night, a day after shares in the FTSE 250-listed company were suspended.
The hiring of the administrator will cause concern for Connaught's 10,000 employees, many of whom will now expect to lose their jobs. KPMG refused to comment on the likely number of redundancies, saying that it was looking at the company's books. Further announcements are expected in the next few days as the administrator seeks to dramatically cut costs and look for parts of the businesses that can be saved.
Connaught has been under pressure since June when it said that 31 public sector contracts had been delayed, blaming the Coalition Government's austerity measures. Two of Connaught's other business, its Compliance and Environmental divisions, are not affected by yesterday's appointment.
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