Housing contractor Real LSE files administration notice
London and South East housing contractor Real LSE has filed a notice of intention to appoint an administrator.
The firm specialises in the construction of new homes, student accommodation and later living schemes for housing associations, local authorities and selected private clients.
Latest accounts for Real LSE show for the year to February 28 2022 it turned over £19.4m generating a pre-tax profit of £1.45m.
Real LSE is part of the Real Contracting Group which was created in 2021 by former Wates Residential managing director Paul Nicholls.
The group was formed following the acquisition of Rydon Construction’s south east and south west businesses which consisted of eight ongoing projects.
At the time of the group’s formation Nicholls set a turnover target of £300m for the new group.
The Enquirer has seen internal emails which state that “none of the other Real companies are currently affected” by the administration notice.
It adds “we continue to work with our funders to find the best way forward” and “all staff will continue to be paid as normal during this period.”
Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.
Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.
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