Mon, 22 Jun 2015 | ADMINISTRATION
Longcross Construction Ltd has entered administration after its target market implemented wide-reaching cutbacks.
Lee Manning and Matt Smith from Deloitte have been appointed to handle the administration. They have confirmed that their first step will be “immediately reviewing the options for the business”.
Mr Manning added: "The company had been quite focused on the grocery business where cutbacks have been made on store expansions and refits.
"The directors concluded that the company was unable to continue to trade on this basis and resolved to place the company into administration. Work on site has been suspended while the joint administrators are considering the position."
Longcross focused on providing project management services for the construction industry. It employed some 140 staff; with the administrators halting immediately to review the company's position, it is unclear how many jobs will be maintained.
The latest company accounts show a pre-tax loss of around £1.4 million in the year to the end of March 2014.
The administrators clarified that the administrative process has not impacted the other companies within the Longcross group of companies - LXE South Ltd, LXE North Ltd and Longcross Fire and Security Ltd are all trading normally under the control of their directors.
View other construction businesses in administration.
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