Lakehouse Contracts ceases trading

Lakehouse Contracts is now in administration and the company has ceased trading.

Creditors are now being urged to get in contact with insolvency specialist CMB Partners.

The demise of the company follows a turbulent seven months since it was sold last August for £500,000 to a company called Mapps Group Limited.

The ex-owners are rebranded company Sureserve who set aside £2.5m in their latest results to cover possible claims on contracts carried-out by their divested business.

The £2.5m is “for costs of claims under parent company guarantees and bonds which are considered probable following risk assessment of all outstanding parent company guarantees and bonds.”

At the time of the sale Lakehouse Contracts and its sister operation Foster Property Maintenance Limited had a turnover of £71m and employed 236 staff.

Companies House records show Mapps Group was only incorporated two months before acquiring Lakehouse.

One subcontractor said: “The whole thing has been suspect from day one.

“The company ownership is a tangled web and yet again it’s the supply chain who suffers.”

In a letter to creditors administrator Lane Bednash of CMB said: “As Administrator, I have a duty to consider the conduct of those who have been directors of the Company at any time during the last three years.

“I also have a duty to consider whether any civil proceedings should be taken against the directors or others for the recovery of, or contributions to, the Company’s assets.

“Creditors are invited to provide information on any concerns regarding the way in which the Company’s business has been conducted, and on potential recoveries for the estate.”

from Construction Enquirer http://www.constructionenquirer.com/2019/03/14/lakehouse-contracts-ceases-trading/

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