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Government spending cuts my arse !!!. They were well up sh@t creak before spending cuts where announced. Peter Jones (the t@sser) sells shares 2 days before profit warnings . Good old RBS gives them 15million of our money even though they are 22K in debt per employee. As normal it will be the good people shafted by Connaughts crap financial management team yet again.
Serves them right for insisting on a huge proposal for PR work two years ago from a load of companies, nicking half the ideas in ours and not actually using anyone. The tactic of a company run by to55ers.
Its the subbies that work for them that I feel for. Poor bastards.
Organisations that use Connaught as a contractor have been making contingency plans for this for months.
They haven't died because of a lack of work, just too much debt, and an inability to service it due to the fact they were bidding on work at near zero profit levels.
And the managemnet "Team" whilst bidding for work at zero levels knowing it will just end up leaving suppliers,subbies etc etc up sh@t creak with no chance of getting paid when the inevitable happens. Still at least Mr Jones,Mr Ticknall and Mr Hill will be able to sleep well at night.
I heard this is the biggest corporate bust since Woolies. Hopefully their employees were not too invested in the shares ala Enron, that would be crippling.