Connaught sells majority of maintenance and service contracts to Lovell
Clients Administrators of Connaught Partnerships Limited
Jones Day is acting for Richard Heis, Mark Firmin, Brian Green, and David Costley-Wood of KPMG LLP as joint administrators of Connaught Partnerships Limited ("CPL"). The transaction involved the sale of the majority of the social housing maintenance and services contracts of CPL and the related assets of the social housing division of the Connaught group. As well as ensuring a substantial realization for CPL's creditors, the speed of the sale allowed essential maintenance services to continue without interruption and safeguarded many jobs. It is expected that around 2,500 employees connected with the ongoing contracts will transfer to Lovell as part of the agreement.