Connaught plc, a public sector outsourcing and social housing company, was on the edge of bankruptcy on Tuesday—meaning the loss of 10,000 jobs.
It is in trouble because losses were hidden while directors took millions home in bonuses.
The company claimed impressive revenues but these were based on contracts that hadn’t been signed. The recession and cuts meant the work never happened.
Because of outsourcing the Health & Safety Executive information line is run by Connaught. The firm also owns thousands of people’s homes.