The firm was removed from the project just two weeks before calling in receivers from Deloitte last Thursday.
Lakesmere had been awarded an £8m contract to design, supply and install around 60,000 sq ft of glass reinforced concrete wall and soffit cladding to the station.
This involved working on the new open plan concourse at street level and also on a new upper level services building above the concourse as well as producing bespoke GRC panels for use on the stunning arches within the Western Arcade.
But sources have told the Enquirer that an initial inspection revealed many panels, some weighing over 2 tonnes, had failed due to problems with the fixing method.
Main contractor Costain has taken over delivery of the project. It is rumoured that removing faulty panels and rectifying the problem could cost up to £5m in contra-charges.
A spokesman for Network Rail said: “Some of the cladding that was fitted by Lakesmere at London Bridge station has been removed and we are currently in the process of re-installing it.
“This was due to a problem with how the cladding had been installed and longer term concerns over its durability to last the 25 year asset life. There were no safety/immediate concerns.
“Lakesmere’s work at London Bridge has been taken over by the principal contractor, Costain’s own self-delivery team and London Bridge station remains on programme.
“The concourse will open as planned in January, with completion set for autumn 2018.”