Specialist cladding and building envelope specialist Lakesmere Group has entered administration.
Here, Construction News gives you the background on the firm.
Founded in 1993, Lakesmere Group has steadily built a reputation as one of the UK’s leading cladding and envelope specialist contractors.
The company has historically placed an emphasis on design and often takes on complex jobs with heavy design elements.
Lakesmere acquired struggling rival McMullen Architectural Systems in December 2012 after the Northern Irish-based firm fell into administration.
The deal was considered a smart move, as McMullen’s speciality in facades – particularly on high-rise projects – complemented Lakesmere’s expertise in cladding and roofing.
Ted McMullen, whose father owned the business, stayed on as McMullen MD.
Management take charge
Three years later Mr McMullen moved up to the position of Lakesmere group CEO after a management buyout.
Six senior Lakesmere executives, including Mr McMullen, launched the MBO of the business in December 2015. A management reshuffle that occurred post-buyout saw Lakesmere’s founder Mark Davey take up the role of chairman.
After the buyout Lakesmere increased its international presence to supplement the UK business.
This meant by November last year international business accounted for around 15-20 per cent of turnover. The company was largely operating in the Far East and the Middle East, with offices in Dubai, Abu Dhabi, Oman and Saudi Arabia.
Lakesmere has a history of completing iconic projects. Recent examples include the re-roofing of the Olympic stadium in London as well as the complex cladding of the nearby Here East development.
Other landmark projects from the company’s portfolio include Aintree Racecourse Grandstand; Gatwick, Heathrow and Newcastle airports; Farringdon, Manchester Piccadilly and Reading railway stations; Chelsea Bridge Wharf; Docklands Campus; the Olympics Aquatics Centre, the National Assembly for Wales; the Olympic Energy Centre; Queen Elizabeth Hospital Birmingham; and the West Lothian Civic Centre.
In its last full-year, the group reported pre-tax profit of £3.5m in the year to 31 January 2016, as revenue jumped 24 per cent to £118.5m. Pre-tax profit margin was 3 per cent.
Profit has risen steadily in recent years. In 2015, the firm had pre-tax profit of £2.44m; the year before, it was £1.99m.
What do we know about Lakesmere Group?