The specialist roofing and cladding company Lakesmere, based near Winchester, has been placed into administration – with sales and office staff already told that they have lost their jobs.
Administrators were called in as more than 100 staff were told to leave while the business assets have been put up for sale.
Richard Hawes and Nicholas Edwards of Deloitte LLP were appointed joint administrators of Graceful Holdings, Lakesmere Group and Lakesmere on November 2. Hawes said: “Lakesmere has experienced financial challenges, arising from a number of unprofitable contracts.
“This has resulted in Lakesmere being placed into administration. Unfortunately a number of redundancies have to be made in the UK and we are offering those affected support at this difficult time.
“We are currently assessing the options available, including a potential sale of McMullen Facades, which is continuing to trade solvently.”
Lakesmere was founded in 1993 by Mark Davey and turnover grew by about 20% a year. It was considered one of Hampshire’s great success stories – having won prestige contracts such as the Canary Wharf Crossrail station in London.
Lakesmere went through a management buyout in 2015. With turnover of £118.5 million, it was number 27 in The Business Magazine’s Solent 250.
The group’s wholly-owned subsidiary McMullen Facades and its overseas subsidiaries have not been placed into administration. McMullen is likely to be sold as a going concern.