Longcross Construction in Administration
Longcross Construction has been placed in administration after their bank reportedly withdrew its support.
Longcross is based in Ashtead, Surrey with offices in London, Birmingham, Derbyshire, Exeter, Oxford, Sheffield and Sidcup. Administrators from Deloitte are now running the company.
The firm's engineering divisions (LX Engineering (North) Ltd, LX Engineering (South) Ltd and Longcross Fire and Security Ltd) are unaffected. Accounts for Longcross Group stated the firm was actively looking for work outside their core food retail base which accounted for 35% of revenue. Results for the year to March 31 2014 show Longcross made a pre-tax loss of £1.25m on £231m turnover.
Longcross had a deal with developer Criterion Capital to deliver three major offices to flats conversions in Croydon, worth up to £48m.
Policyholders who think that they have an exposure on Longcross should contact CMR immediately for further advice.