VENTURE capitalist Jon Moulton has bought parts of collapsed housing repair group Connaught, as administrator KPMG nears the end of dismantling the firm.
Moulton’s private equity group Better Capital said yesterday is will pay £15m to buy and restructure Connaught’s risk management subsidiary, which did not collapse but was held by KPMG as one of the parent firm’s assets.
Another branch of Connaught’s compliance business will be sold to a separate buyer this week, one source close to the situation said yesterday.
Connaught’s lenders, led by Royal Bank of Scotland, will take over its environmental division using a separate investment vehicle over the next two weeks.
Connaught collapsed in September after failing to agree a new business plan with its lenders.
Morgan Sindall, Mears and British Gas parent Centrica have all picked up contracts and assets from the resulting sell-off.
Meanwhile, Rentokil Initial, one of the world’s biggest services groups, is in talks to buy the services arm of Connaught, including its pest control operations, Sky News reported last night.