Laishley's HQ in Southampton.
Laishley is latest victim of downturn
Published: 16 June, 2010
SOUTHAMPTON: Builder Laishley has gone into administration, leaving several smaller contractors struggling to survive.
Small suppliers have been left with unpaid debts as high as £150 000. A supplier in Fareham is reported to have gone bust as a result.
Laishley went into administration last week owing £11.8m, much of it to small companies in Hampshire.
Creditors may get as little as 1-pence in the pound, although administrators Vantis said it was too early to predict.
A spokesman for Vantis said factors that contributed to the firm's collapse included a substantial loss on a recent contract, leading to cashflow difficulties, and bad winter weather, which caused long periods of inactivity. He did not anticipate a sale of the business.
Former customers of the builder said it had been clear that the company was struggling financially and as far back as 2007 when the last available accounts, show Laishley made a £279 000 loss on sales of £8.5m.