Connaught's social housing arm survives bankruptcy
Lovell has bought the majority of housing firm Connaught’s ongoing work for £28m, just days after the troubled company went into administration.
The affordable housing specialist, which is part of the Morgan Sindall group, announced today that it had bought the majority of ongoing contracts and related assets belonging to Connaught Housing Partnerships in a move that will save 2,500 jobs.
‘Lovell is a robust, financially strong business and our new local authority and housing association customers can be confident that their projects will be transferred seamlessly and completed successfully as planned,’ said Lovell’s managing director, Stewart Davenport.
Connaught went into administration earlier this week after its share price collapsed.
Local authorities around the country were putting emergency plans in place to ensure that vital housing repair work continued, but the Lovell takeover means that the majority of work should continue with the minimum of disruption.
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