CORONAVIRUS (COVID-19) LATEST UPDATES HERE

blog header image

Posted : 07 May 2019 at 09:58:47
Category: News

Share this article

Lakehouse Contracts went down owing more than £9m to subcontractors and suppliers.

An administrator’s report seen by the Enquirer reveals the full extent of the cash black hole at the company which went down in March.

Hundreds of firms are owed money by Lakehouse Contracts which crashed following a turbulent seven months since it was sold last August 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.

Lakehouse administrator CMB Partners confirmed it is investigating amounts potentially owed by Sureserve.

The report added that a computer virus attack at Sureserve had caused problems earlier this year.

It said: “Lakehouse Contracts shared the same IT network as Sureserve Holdings Ltd.

“Unfortunately in early January 2019 Sureserve’s IT systems suffered a virus attack with a ransom demand from a third party.

“The effect of the virus attack was the total loss of the company’s accounting systems and all other support service systems throughout January 2019.

“This added to Lakehouse’s problems since the directors could not gain a clear picture of the company’s financial position during this time.”

One subcontractor owed money said: “This just gets murkier and murkier.”


Original source Construction Enquirer


http://www.constructionenquirer.com/2019/05/07/lakehouse-went-under-owing-subcontractors-more-than-9m/

SIMILAR NEWS

blog header image
NEWS
UK GOVERNMENT FACES LEGAL CHALLENGE TO LOCKDOWN FROM BUSINESSMAN

UK government faces legal challenge to lockdown from businessman Simon Dolan says he intends to issue proceedings for judicial review unless some measures are reversed The government is facing a chall ...

blog header image
NEWS
TAYLOR WIMPEY TO LOAN SELF-EMPLOYED £600 A MONTH

Taylor Wimpey to loan self-employed £600 a month Taylor Wimpey has opened a £5m hardship fund for self-employed trades to tide them over while they wait to be paid through the Government ...

blog header image
NEWS
CAPT TOM MOORE RAISES 12M FOR NHS

Capt Tom Moore, a veteran of the Second World War, has raised more than £12m after completing 100 laps of his garden ahead of his 100th birthday. Soldiers from 1st Battalion The Yorkshire Regime ...

blog header image
NEWS
CORONA DAILY RATE OF GROWTH SLOWED FOR THE SECOND CONSECUTIVE DAY

The UK coronavirus death toll has risen past 5,000, but the daily rate of growth slowed for the second consecutive day. A total of 5,373 have now died after a further 439 deaths were recorded, the Dep ...

blog header image
NEWS
UK CONSTRUCTION SECTOR HAS WORST MONTH SINCE 2009 AMID CORONAVIRUS LOCKDOWN

UK construction sector output plunged at the fastest rate since the financial crisis in March as coronavirus containment measures shut down sites and caused new orders to slump, survey data has shown. ...

blog header image
NEWS
LOAN CHARGE APPG PUBLISH REPORT THAT EXPOSES FUNDAMENTAL FLAW IN MORSE REVIEW ON THE LOAN CHARGE

Loan Charge APPG publish report that exposes fundamental flaw in Morse Review on the Loan ChargeThe All-Party Parliamentary Group on the Loan Charge have today published a comprehensive report&nb ...