Barnet Homes contractor Connaught nears administration (From Times Series)

Barnet Homes contractor Connaught nears administration

9:00am Wednesday 8th September 2010 in

• Skip social links
• Print
• Email
• Comments(0)

THE group that maintains Barnet's council housing is expected to enter administration today.

Connaught, which has seen its shares plummet by 90 per cent in recent weeks over fears about public sector contracts, is facing a £220 million debt and said last night it was in the process of appointing administrators.

Last month Barnet Homes announced it was ending the contract with the builder in February next year over fears it would be unable to keep up with repairs.

Barnet Homes said it would continue with Connaught until February as it was still under contract.

Connaught has pledged to keep its subsidiaries running as usual, however fears are growing over the future of the 10,000 workers employed in the UK.