Lakesmere Group, one of Britain’s biggest building envelope specialists, has collapsed into administration just weeks after being recognised as a top-growth company; 109 jobs are set to be lost.
Deloitte has been appointed as administrator for Lakesmere Group, its subsidiary Lakesmere Ltd and Graceful Holdings, the parent company of the group.
The firm had run into a number of financial difficulties and problem contracts in its UK business, reports Construction Manager.
But only in October the firm made it onto the Sunday Times Grant Thornton Top Track 250, ranking 244th in Britain’s private mid-market growth companies with the biggest sales.
The affairs, business and assets of the companies, which have around 900 employees, are now being managed by the joint administrators. It has been announced that 109 jobs will be lost.
The group’s wholly owned subsidiary, McMullen Facades and its overseas subsidiaries in the Middle East and Asia, have not been placed into administration, with the group looking to sell McMullen Facades as a going concern.
Recent high-profile projects the company has worked on include Canary Wharf Crossrail station in London and the National Graphene Institute in Manchester.
Lakesmere was founded by Mark Davey, who remains chairman as well as chief executive of the international division.
Lakesmere International is established in Abu Dhabi, Oman, Saudi Arabia and Hong Kong, with a manufacturing operation in China.
In 2012 Lakesmere bought out Northern Ireland-based McMullen Facades, one of its biggest competitors, within hours of it having fallen into administration. This acquisition, adding specialist glazing capability and a plant in Portadown, Northern Ireland, helped fuel recent strong growth.
Image: The Greenwich Energy Centre, London, one of Lakesmere’s high-profile projects (Lakesmere)
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Interesting times for suppliers and staff. Also calls into question what analysts look at when they put their lists together. I wonder where the ripples will spill out to. And a bad time of year for sub-contractors to not get paid.