The environmental and property services firm Connaught is gradually entering in to the administration with thousand of jobs putting in to risk. The firm Connaught is a provider of wide range of services like property management and social housing for the public sector.
But the firm said in its statement on Tuesday that it was in the process of going in to administration.
Meanwhile it has cleared that some of the subsidiaries will not be affected and continue to trade as like before.
The company has said that it had failed to generate funding to pay its 220 million pounds of debt. The firm has almost 10,000 employees and the trading of the shares of the firm was suspended on Tuesday.
According to the reports the rival firms of Connaught like Mears are ready to take over some of the running contracts of Connaught. The company is also involved in cleaning, forestry management and waste management services. Connaught entered in to serious trouble in recent months as it took some loss making contracts which pushed up the company’s debt to 220 million pounds.