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Fountains future secured

Published 20th April, 2011 by Neil Nixon

Fountains future secured

Fountains, the environmental management company, has announced 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, said: “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.”