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Fountains future secured

10 March 2011

Environmental management company, Fountains, has secured its long term financial future with the completion of its sale to a group of financial institutions.

This sale represents the final step in the separation of Fountains from Connaught plc group. Connaught plc was placed into administration in September 2010.
Fountains was a wholly owned subsidiary of Connaught plc providing vegetation management, estate cleaning, grounds maintenance and forestry services. 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.
Since September 2010, Fountains has continued to trade normally. It 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. The financial investors purchasing Fountains are secured creditors to the Connaught plc group.
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


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