According to the BBC, Connaught, the property services group that specialises in social housing, is on the brink of going into administration.
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.
But it said discussions to secure further funding had been unsuccessful.
“Connaught has had continuing discussions with its lenders and other sources of finance with the objective of securing additional funding and a restructuring of the group’s financing for the longer term,” the company said in a statement to the London Stock Exchange.
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