Connaught, the property and environmental services group that has appointed administrators in the largest company administration since Woolworths, has turned to Jones Day to guide it through the process.
Head of capital markets Giles Elliott and head of the London business restructuring and reorganisation group Adam Plainer are leading the team working with Connaught and its administrator, KPMG partner Richard Heis.
Plainer said: “Despite the difficult trading environment we’ll be working hard with KPMG to try and secure the future of Connaught Partnerships and its staff, and will continue to advise the rest of the group.”
Connaught and Connaught Partnerships have appointed administrators from KPMG after lenders declined to provide the necessary funding to restructure.
Partners Graham Paine and Nigel Barnett at Denton Wilde Sapte are advising the bank lenders and partners Barry Russell and Tom Bannister at Bingham McCutchen are advising the noteholders.
Connaught Group employs almost 10,000 people. It specialises in social housing and is also involved in waste management, cleaning and forestry services. It has around 180 maintenance contracts with local councils and housing associations. Its subsidiaries Connaught Compliance, National Britannia Holdings, Fountains and Connaught Environmental will continue to trade normally.