fountains' future secure

[lawranced1]

PRESS RELEASE: Fountains' Future Secured

Mar 08, 2011

Fountains, the environmental management company, is pleased to announce that its long term financial future has been secured with the completion of its sale to a group of financial institutions.

 

Fountains is now owned by a group of financial investors including Royal Bank of Scotland and Alchemy Partners. It also has in place a new working capital facility.

 

This sale represents the final step in the separation of Fountains from Connaught plc group.

 

Connaught plc was placed into administration in September 2010. Since September 2010 Fountains has continued to trade normally.

 

Richard Haddon, Chief Executive of Fountains commented: “This is a significant step for our company and provides us with stability and security of finance that will allow us to continue with our growth plans. I would like to sincerely thank our staff, customers, suppliers and contractors for their support especially in the last few months.”

 

 

 

Notes to editors:

 

Fountains provides vegetation management, estate cleaning, grounds maintenance and forestry services.

 

Fountains was a wholly owned subsidiary of Connaught plc. Connaught plc was placed into administration on 8 September 2010 and has been under the joint administration of Richard Heis, Richard Fleming and Richard Hill of KPMG.

 

The financial investors purchasing Fountains are secured creditors to the Connaught plc group.

 

For more information on Fountains, please visit Fountains: utilities vegetation management, integrated infrastructure services and forestry.