United Kingdom Industry News

29/07/2010

Connaught Secures £15m 'Emergency Funds'

Social housing group Connaught has agreed an additional £15 million short-term overdraft facility with a deferral of interest with its bankers.

The cash strapped firm said earlier this week that its debt was soaring and it would breach its banking covenants by the end of the year.

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Chairman Roy Gardner has put together a new management team to deal with the crisis, and said the new facility was a tangible sign of support from its lenders.

Shares in Connaught have lost more than 90% of their value since it first warned on profits on 25 June and required further funds because of "additional pressure" from suppliers and subcontractors.

For further information visit: Connaught Faces Second FSA Investigation

(CD/KMcA)
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keycons003 / keycons003x36 02/09/2010 18:53:57 / A7 / B5 / 0.078125, 38.107.191.106

Connaught Secures £15m 'Emergency Funds' - Social housing group Connaught has agreed an additional £15 million short-term overdraft facility with a deferral of interest with its bankers.