Fears are rising that Bain Capital-backed bathroom fittings-maker Ideal Standard, which owns Armitage Shanks, will struggle to meet its next interest payment in November, in what could lead to a second restructuring in two years for the company.

Ideal Standard, which has a €293.9 million debt burden, is facing a €16.2 million interest payment on its bonds, but rating agency Moody's Investors Service said it has an "unsustainable" capital structure. The company had €16.1 million of cash on its balance sheet at the end of June, according to a person familiar with the matter and a Moody's report seen by Financial News.