Lakesmere Group calls in administrators after financial difficulties
Lakesmere Group, one of Britain’s biggest building envelope specialists, has collapsed into administration.
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.
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.