The extent of the firm’s financial woes were revealed on Friday when staff failed to receive their monthly pay, the Enquirer understands.
One said: “We are waiting to see what happens next but it seems the banks could be appointing administrators shortly.”
Anxious suppliers were yesterday unable to contact the Romsey headquartered firm, which also operates from offices in London and Caerphilly, as phone calls went unanswered.
LSC Facades is presently working on several projects around the country. This includes Kier’s £38m contract to build Plymouth’s tallest building – a 22-storey student accommodation scheme.
LSC had also just secured jobs to deliver glazing for Willmott Dixon’s £25m leisure centre project in Romford and cladding for Higgins Construction on the redevelopment of the Sir Winston Churchill public house site in Debden Broadway into a seven storey block of 60 flats.
It is also due to start working on Vinci’s capital quarter student accommodation project in Cardiff City Centre.
The £30m turnover firm expanded rapidly in recent years and owns two manufacturing and fabrication premises in Andover totalling 50,000 sq ft.
LSC Group was formed a year ago from the two key businesses LSC Facades and LSC Special Works.
A source told the Enquirer: “LSC’s problem stem from Southampton’s New Arts Complex three years ago. They lost a lot of money on the job and then suffered three subsequent problem contracts, which left the firm short of cash.”