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are you or anyone you know in Social Housing?

pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

are you or anyone you know in Social Housing?

http://www.bbc.co.uk/news/business-11209317
Connaught, the property services group that specialises in social housing, is on the brink of going into administration, the BBC has learned.

The company, which employs 10,000 people, has suspended trading of its shares, and said a further announcement would be made "in due course".
Connaught has £220m of debt, provided by six banks and a quartet of other creditors.
6 REPLIES
idlewis
Grafter
Posts: 245
Registered: 20-01-2010

Re: are you or anyone you know in Social Housing?

They were contracted by Glasgow Housing Association who took over the housing stock from the City Council to build houses for poor and deprived people in the city so it is worrying time for all concerned.
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: are you or anyone you know in Social Housing?

does that line suddenly drop about General Election time  Roll eyes Roll eyes
Community Veteran
Posts: 1,850
Registered: 11-08-2007

Re: are you or anyone you know in Social Housing?

what the hell is a social housing group doing having shares?  it's nuts.
this concerns me because my own housing association has merged with others to become the genesis group holding massive debt.  18% of all incomes is used to service debt and i've often wondered how they could be allowed to borrow so much.
the government needs to step in here to guarantee the safety of the housing for the people living in the properties mismanaged by this connaught outfit.  social housing belongs in common to the people living in it.  it would appear that insufficient oversight has been exercised on the people supposedly managing affairs.
the government propped up the banks.  will they allow social housing to go under? 
idlewis
Grafter
Posts: 245
Registered: 20-01-2010

Re: are you or anyone you know in Social Housing?

yes it is a coincedence. I think it is the taste of things to come.  I hope not, Sad
Quote from: pierre_pierre
does that line suddenly drop about General Election time  Roll eyes Roll eyes
jmd
Grafter
Posts: 2,933
Thanks: 2
Registered: 30-07-2007

Re: are you or anyone you know in Social Housing?

A lot of the council  property round here is  or has been maintained by Connaught.
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: are you or anyone you know in Social Housing?

on the BBC news just now, the are blaming the ConDem cost cutting