Grace's Guide

British Industrial History

Grace's Guide is the leading source of historical information on industry and manufacturing in Britain. This web publication contains 130,460 pages of information and 207,757 images on early companies, their products and the people who designed and built them.

Connaught

From Graces Guide

Jump to: navigation, search

The business was founded in 1982 as a concrete repair specialist and in 1986 won its first major social housing concrete repair contract.

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. Mark Tincknell drove the business as CEO throughout this period.

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.

2005 Mark Davies was appointed CEO.

2006 Stephen Hill, formerly from Serco, was made 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.

Having acquired GasForce in 2002 and seven other related businesses between 2005 and 2007, Connaught became the UK's leading provider of integrated compliance services with the 2007 acquisition of National Britannia Group.

During 2009 Connaught acquired the listed environmental services company Fountains for £13m.

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. 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. Connaught subsequently warned of a 'material loss' for the year ended 31 August 2010. Mark Tincknell, who had taken over the running of the business again when Davies departed, then resigned as CEO on 8 July 2010 and Ian Carlisle took over the post.

On 8 September 2010, Connaught Partnerships was put into administration. 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.

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

See Also

Loading...

Sources of Information