UK: 2500 jobs saved at Connaught

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The building firm Morgan Sindell has stepped in to buy the majority of the assets of the bankrupt social housing group, Connaught, thus saving around 2 500 jobs in the process. Connaught’s problems are thought to have been caused by it bidding too agressively for some local authority and housing association contracts and as a result, failing to ensure it could make a profit on them.

The administrator, KPMG, has confirmed that Morgan Sindell has taken over the highest value maintenance contracts and that it would aim to make announcements as to the fate of Connaught Partnerships remaining staff of 1 900 on Friday.

Sozrce: bbc.co.uk/10.09.2010