As expected, property services group Connaught has confirmed that it will go into administration.

The social housing specialist on Tuesday announced that it was "in the process of appointing administrators". But some subsidiaries would not be affected and would continue to trade normally, it added.

The BBC notes that this would be the biggest company bankruptcy in the UK since Woolworth's failed in 2008, and could put thousands of jobs at risk.

The company, which failed to secure sufficient funding to keep its trade going, said it will appoint partners from KPMG as administrators.
Administrators are being appointed to Connaught and to Connaught Partnerships.

Fountains, National Britannia Holdings, Connaught Compliance and Connaught Environmental and their subsidiaries have not been affected.
Connaught, which has £220m of debt, was suspended from London trading on Tuesday after saying an "adequate solution" to its funding problems was "increasingly uncertain."