Wednesday, 08 February 2012

Connaught deny executive departure linked to finances

19 August 2010 | By Carl Brown

Troubled social housing contractor Connaught has denied the departure of a senior director is linked to its financial problems.

Tony Rogers, social housing area operating director in the south east, recently went on ‘gardening leave’, the company confirmed.

A spokesman would not reveal why Mr Rogers is leaving the company or exactly when his gardening leave started. The news is likely to fuel speculation that the departure is linked to the contractor’s financial problems.

The firm is currently involved in emergency talks with lenders about its future. The company, which expects to record a pre-tax loss for its financial year to August 31, secured an emergency £15m loan, following a statement saying it was in urgent need of funds.

Following a profit warning in July, Connaught chief executive Mark Tincknell stepped down with immediate effect while finance director Stephen Hill announced he is leaving in October.

Housing associations with Connaught contracts are drawing up contingency plans in the case the firm collapses.

Readers' comments (1)

  • Melvin Bone

    Melvin Bone | 19/08/2010 4:14 pm

    'Connaught deny executive departure is linked to financial woes '

    Yeah. Its just a coincidence. No news. Look away.

    Unsuitable or offensive? Report this comment

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