Longcross Group Limited (03375630): administration
- Status
- Administration ended
- Administration began
- 2015-06-29
- Administrators' firm
- Deloitte
- Incorporated
- 1997-05-23
- Location
- Birmingham
- Industry
- 41100 Development of building projects
Why it went into administration
- Loss-making contracts / project overruns
- Parent or group failure
From the administrators' statement
The nature of LXG's operations was principally that of a holding company for the Group, providing shared services to its subsidiaries and recently LXG had also become the primary contractor for several construction and refurbishment contracts
The Group had shared banking arrangements All companies in the group had access to a £7 2m overdraft facility with the secured lender, Lloyds Banking Group “LBG”
When LXC entered administration, it had drawn c £5 2m of the overdraft and the financial position of LXC was rapidly deteriorating due to ongoing project losses
Administrators' statement of proposals (2015-08-28) · Companies House register