Quindell denies CMC contract loss

Quindell has denied having lost a major contract with a large claims management firm in the North West.

On 27 November, Interactive Investor reported that the beleaguered claims outsourcer had lost a contract signed in May 2013 which was due to deliver over 1,000 injury claims per month.

The report also claimed that Quindell had held a board meeting where directors expressed “paranoia and panic” at the news and that the company would have to raise extra cash to pay its bills.

But Quindell responded today saying that it had not lost the contract and that its relationships with its partners and customers remained strong.

“Further, the company confirms that the other negative statements in the same article are also untrue,” it said in a statement.

The company, which recently parted ways with its founder Rob Terry, saw it share price fall 15% on 27 November, to leave it trading at 61p.

Mark Dugdale