{"id":2296,"date":"2019-01-22T16:55:21","date_gmt":"2019-01-22T16:55:21","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=2296"},"modified":"2019-01-22T16:55:21","modified_gmt":"2019-01-22T16:55:21","slug":"sureserve-sets-aside-cash-for-lakehouse-contracts","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/sureserve-sets-aside-cash-for-lakehouse-contracts\/","title":{"rendered":"Sureserve sets aside cash for Lakehouse contracts"},"content":{"rendered":"

The ex-owners of Lakehouse Contracts have set aside \u00a32.5m for possible claims on projects carried out by the new business.<\/p>\n

Lakehouse was sold last summer for \u00a3500,000 to a company called Mapps Group Limited.<\/p>\n

The Enquirer<\/em> has been contacted by subcontractors who have quit sites<\/a> following rows over payment from Lakehouse.<\/p>\n

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The former owner has rebranded as Sureserve who posted preliminary results on Tuesday for the year to September 30 2018.<\/p>\n

Sureserve confirmed it was facing “potential contingent liabilities arising from the disposal” including “potential claims under parent company guarantees and bonds for projects.”<\/span><\/span><\/p>\n

Sureserve has set aside \u00a32.5m to cover this and written off the \u00a3500,000 sale price to zero “in light of the weak performance of the activities since.”<\/span><\/p>\n

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The \u00a32.5m is “for costs of claims under parent company guarantees and bonds which are considered probable following risk assessment of all outstanding parent company guarantees and bonds.”<\/span><\/p>\n

Executive chairman Bob Holt said: “The divestment included certain contracts yet to be finalised. <\/span><\/p>\n

“It is hoped that those outstanding works will be concluded by the time of the Group interim results to March 2019. A further update will be provided at that time.”<\/span><\/p>\n

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from Construction Enquirer http:\/\/bit.ly\/2S0hrn5<\/p>\n","protected":false},"excerpt":{"rendered":"

The ex-owners of Lakehouse Contracts have set aside \u00a32.5m for possible claims on projects carried out by the new business. Lakehouse was sold last summer for \u00a3500,000 to a company called Mapps Group Limited. The Enquirer has been contacted by subcontractors who have quit sites following rows over payment from Lakehouse. The former owner has […]<\/p>\n","protected":false},"author":1,"featured_media":150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-2296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/2296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=2296"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/2296\/revisions"}],"predecessor-version":[{"id":2297,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/2296\/revisions\/2297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/149"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=2296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=2296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=2296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}