Lakesmere trade creditors hit for £26m

Unsecured trade creditors of Lakesmere and its subsidiary McMullen Facades have been hit for £26m following the collapse of the firms.

Administrators Deloitte have issued details of both firm’s finances warning that hundreds of trade creditors will be left out of pocket and even the group’s main bank HSBC will be left nursing a £15m loss on the £24m it is owed.

Two administrators reports have been issued following the staggered collapse of the group with Lakesmere Group first falling in November, followed by its subsidiary McMullen Facades two weeks later.

Information provided by the directors shows that the £68m revenue Lakesmere businesses owed £14.7m to nearly 600 unsecured creditors.

Among those taking major hits are: manufacturers Hunter Douglas Europe, owed £637,000; Kalzip, owed £556,000 and Kingspan Insulated Panels, owed £480,000.

McMullen Facades owed £11.3m to over 400 unsecured creditors. This includes over £2m to German facades manufacturer, £570,000 to Press Glass in Poland, £367,000 to Glasgow-based Gilmour Ecometal, and £285,000 to Primo Aluminium.

 

from Construction Enquirer http://www.constructionenquirer.com/2018/01/05/lakesmere-trade-creditors-hit-for-26m/

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