BW caught in Connaught demise

Published: Wednesday, 08 September 2010

CONNAUGHT which went into receivership this week is one of British Waterways main contractors.

The company was used to replace bankside staff, and is responsible for small repair work and the control of vegetation, which will of course cease with the demise of the company.

Looks grim

Yet it is unlikely that the work will go to the remaining  bankside workers as BW directors have been warning staff of further job cuts of between 20% and 50% and have  even been considering the transfer of some bank staff to  Connaught!

This being no longer feasible, bankside staff are concerned that they will be replaced by volunteers to save money.

£220m debts

The company revealed that it was 'in the process of appointing administrators', which is expected to be announced today (Wednesday), after failing to secure funding for its £220m debts. Trading in Connaught's shares has now been suspended.