Music school firm fights for survival

THE company employed to develop and manage the Cork School of Music is fighting for survival after its share value plunged dramatically yesterday.

The project contractor Jarvis saw its shares fall by one third on the London Stock Exchange. Their value had already been halved last Friday after the group revealed charges and write-offs that could top £141 million (€210 million) and debts of £230 million (€342 million).

The company now is worth just £39 million (€58 million). Two years ago it had a stock market value of £650 million (€968 million).