More than 100 redundancies have been made by Winchester based construction company as it is announced it has entered administration.
Lakesmere, based in Winnall, has worked on building projects such as the Olympic Stadium in London and the recent WestQuay extension in Southampton.
Nick Edwards and Richard Hawes, from Deloitte have been appointed Joint Administrators of Grace Holdings Limited, the ultimate parent company of Lakesmere Group Limited, which is the parent company of Lakesmere.
Mr Hawes commented: “Lakesmere Limited has experienced financial challenges, arising from a number of unprofitable contracts.”
“This has resulted in Lakesmere Limited being placed into Administration. Unfortunately a number of redundancies have to be made in the UK and we are offering those affected support at this difficult time.”
Mr Hawes continued to say “We are currently assessing the options available, including a potential sale of McMullen Facades Limited, which is continuing to trade solvently.”
McMullen which is based in Northern Ireland is also owned by Grace Holdings Limited and are not currently under administration.
The administration news comes two years after the construction company won a Queen’s Award for growth in foreign exports.
Deloitte were unable to comment further on these job losses.