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词条 Connaught plc
释义

  1. History

     Expansion  Collapse 

  2. Regulatory investigation

  3. Operations

  4. References

{{EngvarB|date=June 2017}}{{Use dmy dates|date=June 2017}}{{Infobox company
| name = Connaught plc
| logo =Connaughtlogo.PNG
| logo_size =150px
| type = Public company ({{lse|CNT}})
| foundation = 1982
| location = Exeter, UK
| founder =William Tincknell
| key_people = Sir Roy Gardner (Non-Executive chairman)[1]
Ian Carlisle (CEO)[2]
| industry = Outsourcing
| products =
| revenue = £659.6 million (2009)[3]
| operating_income = £32.6 million(2009)[3]
| net_income =£17.5 million (2009)[3]
| num_employees =
| parent =
| subsid =
| homepage =
| caption =
| footnotes =
}}

Connaught plc was a company in the United Kingdom, operating in the social housing, public sector and compliance markets. A constituent of the FTSE 250 Index, it went into administration in October 2010.

History

The business was founded by William Tincknell (1935-2018)[4] in 1982 as a concrete repair specialist and in 1986 won its first major social housing concrete repair contract.[5][6]

Expansion

During the early 1990s Connaught expanded its services to include external wall insulation and overcladding and latterly began refurbishing all external elements of social housing including roofs, windows and doors. The business also expanded geographically. The 1990s saw significant corporate changes at Connaught plc, first in 1996 a management buyout funded by HSBC private equity and again in 1998 when the business was floated on the Alternative Investment Market.[7] Mark Tincknell drove the business as CEO throughout this period.[8] By 2004 the business had acquired social housing service providers in Scotland and Wales and had revenues in the region of £300 million and negligible net debt. In 2005 Mark Davies was appointed CEO. In 2006 Stephen Hill, formerly at Serco, was appointed finance director. Connaught was fully listed on the London Stock Exchange in 2006 and by 2007 the company had become a constituent of the FTSE 250 Index.[6]

Having acquired Gasforce in 2002, Connaught appointed Altium Capital to advise on its regulatory obligations and acquisition strategy from 2003.[9] Connaught acquired seven other related businesses between 2005 and 2007 and became the UK's leading provider of integrated compliance services with the 2007 acquisition of National Britannia.[10][11] The acquisition of National Britannia cost the company £91 million, part funded by £57.9 million raised from investors.[12] During 2009 Connaught acquired the listed environmental services company Fountains plc for £13 million.[13][14]

Collapse

Connaught was shaken by a series of events triggered by the abrupt departure of its CEO Mark Davies in January 2010 following the sale of his shares valued at £5.5m.[15] After Connaught issued a positive statement, shareholders were surprised when the business issued a profits warning on 26 June 2010: the company explained that the emergency budget introduced by the new government had damaged the company's profitability.[16] Connaught subsequently warned of a 'material loss' for the year ended 31 August 2010.[15][17] Mark Tincknell, who had taken over the running of the business again when Davies departed, then resigned as CEO on 8 July 2010[18] and Ian Carlisle took over the post.[2]

Sir Roy Gardner was appointed chairman to Connaught's Board in May 2010, following the departure of chief executive Mark Davies.[1]

On 8 September 2010, Connaught plc and Connaught Partnerships, the company's social housing arm, were put into administration.[19]

In February 2011, Rentokil Initial acquired the Fumigation & Pest Control, Water Treatment & Hygiene and Fire Safety & Prevention businesses of Santia, formerly Connaught plc, for £5.6m.[20]

Regulatory investigation

The preparation, approval and audit of the financial statements leading up to the administration of Connaught plc were investigated by the Accounting and Actuarial Disciplinary Board.[21]

Operations

The Group was organised into three divisions:

  • Connaught Partnerships
  • Connaught Compliance
  • Connaught Environmental

References

1. ^{{cite web|url=http://www.morningstar.co.uk/uk/News/NewsFeedItem.aspx?id=104146518737338|title=Connaught plc appoints Sir Roy Gardner as Non-Executive Chairman|publisher=Morning Star|date=10 May 2010|accessdate=14 October 2014}}
2. ^{{cite web|url=http://www.thisismoney.co.uk/money/markets/article-1703597/How-Connaught-reached-the-end-of-the-line.html|title=How Connaught reached the end of the line|publisher=This is money|date=8 September 2010|accessdate=14 February 2015}}
3. ^{{cite web|url=http://www.connaught.plc.uk/userfiles/file/Annual%20Report%202009.pdf|title=Connaught plc Annual Report & Accounts 2009|work=Connaught|year=2009|accessdate=11 September 2010|archive-url=https://web.archive.org/web/20100922131143/http://www.connaught.plc.uk/userfiles/file/Annual%20Report%202009.pdf|archive-date=22 September 2010|dead-url=yes|df=dmy-all}}
4. ^{{cite web|url=https://www.racingpost.com/news/transatlantic-rower-kiko-matthews-the-star-turn-for-women-in-racing/332195|title=Long-time Nicholls owner Bill Tincknell dies aged 82|publisher=Racing Post|date=21 May 2018|accessdate=27 May 2018}}
5. ^{{cite web|url=http://www.contractjournal.com/Articles/1996/08/08/25318/connaught-aims-for-triple-turnover.html|title=Connaught aims to triple turnover|work=Contract Journal|date=8 August 1996}}{{Dead link|date=August 2018 |bot=InternetArchiveBot |fix-attempted=yes }}
6. ^{{cite web|url=http://www.connaught.plc.uk/group/about|title=Connaught: History|work=Connaught|accessdate=11 September 2010}}
7. ^{{cite web|url=http://www.building.co.uk/story.asp?storycode=8071|title=This little company went to market|first=Dave|last=King|work=Building|year=1999|accessdate=11 September 2010}}
8. ^{{cite web|url=http://www.ft.com/cms/s/0/78da6048-8a57-11df-bd2e-00144feab49a.html|title=Gardner shakes up management at Connaught|work=Financial Times|date=8 July 2010|accessdate=6 August 2015}}
9. ^{{cite web|url=http://www.investegate.co.uk/connaught-plc--cnt-/rns/change-of-adviser/200309090926175410P/|title=Change of Adviser|publisher=Investegate{{sic|hide=y}}|date=9 September 2003|accessdate=17 April 2016}}
10. ^{{cite news|url=https://www.theguardian.com/business/2002/jul/27/1|title=City Briefing|work=The Guardian|location=London|date=27 July 2002|accessdate=11 September 2010}}
11. ^{{cite web|url=http://www.24dash.com/news/Housing/2008-04-22-Connaught-delivers-record-profit-growth|title=Connaught delivers record profit growth|publisher=24dash.com|date=22 April 2008|accessdate=11 September 2010|archive-url=https://web.archive.org/web/20100902062542/http://www.24dash.com/news/Housing/2008-04-22-Connaught-delivers-record-profit-growth|archive-date=2 September 2010|dead-url=yes|df=dmy-all}}
12. ^{{cite web|url=https://www.telegraph.co.uk/finance/markets/2816512/Connaught-swoops-for-National-Britannia.html|title=Connaught swoops for National Britannia|work=The Telegraph|date=26 September 2007|accessdate=17 April 2016}}
13. ^{{cite web|url=http://www.cnplus.co.uk/news/business/connaught-on-track-and-ready-to-acquire/5205154.article|title=Connaught on track and ready to acquire|work=CNPlus|date=15 July 2009|accessdate=11 September 2010}}
14. ^{{cite web | url=http://www.contractjournal.com/Articles/2009/03/10/65581/unite-forms-partnership-with-connaught.html | title=UNITE forms partnership with Connaught | work=SED | accessdate=2 June 2009 }}{{dead link|date=August 2017 |bot=InternetArchiveBot |fix-attempted=yes }}
15. ^{{cite news|url=https://www.theguardian.com/business/2010/aug/06/conaught-social-housing-loss-warning|title=Connaught social housing maintenance group warns of 'material loss'|date=6 August 2010|accessdate=8 July 2012|location=London|work=The Guardian|first=Simon|last=Bowers}}
16. ^{{cite news|url=https://www.theguardian.com/business/2010/jun/28/connaught-shares-plunge-profit-warning|title=Shares in social housing group Connaught plunge after profit warning blamed on budget|work=The Guardian|date=28 June 2010|accessdate=16 January 2012|location=London|first=Simon|last=Bowers}}
17. ^{{cite news|url=https://docs.google.com/open?id=0B5-h6ivMBTJUQzRGUjJPMFRWdnc|title=Report to the Audit Committee year ended 31 August 2008|accessdate=8 July 2012}}
18. ^{{cite web|url=https://www.theguardian.com/business/2010/jul/08/construction|title=Departing executives at ailing housing contractor Connaught sold £16.6m in shares|work=The Guardian|date=8 July 2010|accessdate=14 February 2015}}
19. ^{{cite news|url=https://www.theguardian.com/business/2010/sep/07/connaught-on-brink-of-administration|title=Connaught appoints administrators after failing to secure new funding|accessdate=7 September 2010 | location=London|work=The Guardian|first=David|last=Teather|date=7 September 2010}}
20. ^Rentokil Initial has bought the environmental services division of Santia Group from the administrators of Connaught Construction Index, 15 February 2011
21. ^{{cite web|url=https://frc.org.uk/News-and-Events/FRC-Press/Press/2010/November/AADB-announces-investigation-in-connection-with-Co.aspx|title=AADB announces investigation in connection with Connaught plc|date=29 November 2010|publisher=Financial Reporting Council|accessdate=19 May 2013}}
{{Construction industry of the United Kingdom}}

6 : Companies based in Exeter|Business services companies of the United Kingdom|Companies established in 1982|1982 establishments in the United Kingdom|Defunct construction companies|2010 disestablishments in the United Kingdom

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