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

SIMILAR NEWS

blog header image
NEWS
LANDLORDS NEED TO BE PREPARED FOR EVERY POSSIBILITY WITH CGT CHANGES – YOUNG

The age-old question posed by all private sector landlords at any one time is often, ‘what do I do next?’ For most, the answer is staring them in the face, and that continues to hold ...

blog header image
NEWS
TIGHTER SELF-EMPLOYED AND AFFORDABILITY RULES HERE ‘FOR SOME TIME’ – HSBC

Tighter self-employed and affordability rules here ‘for some time’ – HSBC Tightened self-employed lending criteria and affordability rules are seen across the mortgage market since ...

blog header image
NEWS
SNITCHES GET RICHES: HMRC PAYMENTS TO TAX EVASION WHISTLEBLOWERS UP 63% IN 2019/20

HMRC reported a 63% increase in payments to whistleblowers for reporting tax evasion in the 2019/2020 tax year, paying £473,000 to informants during the period.  In the previous tax year HM ...

blog header image
NEWS
LEE MARLEY OPENS LEEDS OFFICE

Lee Marley Brickwork Ltd has appointed Mike Hampton as commercial director to head up its new regional office in Leeds. Leeds becomes the fourth regional operation of Lee Marley Brickwork (LMB), join ...

blog header image
NEWS
SELF-EMPLOYED TREATED AS ‘SECOND-CLASS’ BY SOME LENDERS, BROKERS SAY

Self-employed workers are being treated like ‘second-class citizens’ by some mortgage lenders, as two-tier systems and punitive criteria leave these applicants severely disadvantaged, brok ...

blog header image
NEWS
RECRUITING PEOPLE FROM OUTSIDE THE UK FROM 1 JANUARY 2021

From 1 January 2021, freedom of movement between the UK and EU will end and the UK will introduce an immigration system that will treat all applicants equally, regardless of where they come from. Anyo ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory