House builder Lane End owes £12m to suppliers

Grant Prior 12 months ago
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Warrington based Lane End Developments Construction Ltd owed nearly £12m to suppliers and subcontractors when it went into administration in April.

An update from administrator Quantuma Advisory details debts of £11.8m owed to 412 unsecured creditors left holding unpaid invoices.

Quantuma is also investigating company transactions at Lane End prior to the administration following concerns raised by creditors.

It stated: “The joint administrators have been made aware of certain allegations in respect of potential antecedent transactions.

“The joint administrators will carry out investigations to identify any potential claims which may be brought against parties either connected to or who have past dealings with the company.

“Any misconduct emanating from these dealings will also be included in the joint administrators mandatory report into the directors’ conduct.

“At this stage no further information in relation to these potential transactions can be provided so as not to prejudice any investigations and subsequent recovery action.”

Latest accounts filed for the year to May 31 2022 show the company had a turnover of £81m generating a pre-tax profit of £245,000 while employing 106 staff.

Lane End Group Construction Director Mick Cunningham said: “Once an administrator is appointed, they have to investigate the financial affairs of the company in the run up to the insolvency. This will include reviewing transactions with directors and the sale of any assets by the company in that period.

“There is an obligation to review transactions that have been brought to their attention by creditors.  These enquiries do not involve myself.”

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