Housing group 'near administration'

A leading property services group, Connaught, which employs 10,000 people, is on the brink of going into administration.

The company, which specialises in social housing, said it was "in the process of appointing administrators".

The appointment is expected to be completed and announced formally on Wednesday morning.

Earlier, Connaught said it had tried to secure funding for its £220m debts, but had failed. Trading in Connaught's shares has now been suspended.

Hugh Pym reports.