Connaught was forced to issue its second profit warning in a month on Friday which saw its share price crash 46.5%.

And the sell-off continued on Monday morning as another 35% was wiped-off the firm’s value in early trading as Connaught’s share price tanked to a low of 9.2p.

The price was down from 320p in June before the string of profit warnings, management shake-ups and cuts in social housing spending.

City traders were so keen to sell Connaught shares that deals were suspended on several occasions by  market circuit-breakers which give brokers breathing space between trades.

Sir Roy now has a huge battle on his hands to keep the company out of the hands of its lenders via a debt-for-equity swap which would see the banks seize control.

Sir Roy also took the opportunity to issue a rallying call to Connuaght’s 10,000 employees and shell-shocked shareholders.

He said: “This is a business worth fighting for and my new team and I ask for your continued support for our efforts to rebuild Connaught.

“Further to my appointment as Chairman in May and my establishing a series of independent reports on the business, it is clear we face challenges in turning this Group around, but I remain both confident that this can be achieved and committed to seeing the process through.

“My focus, and that of the new executive team, will be to continue the plans for the refinancing of the Company for the benefit of all our stakeholders who have shown loyalty to Connaught over the years.  The business remains committed to delivering excellent quality and service for our clients.”