Administrators have been appointed to a building conservation and restoration company based in Preston, with seven out of 35 staff made redundant.
The redundancies include six at the company’s head office in Bamber Bridge and one site operative.
BDO business restructuring partners, Kerry Baily and Patrick Lannagan were appointed joint administrators of Lambert Walker Conservation & Restoration on 19 May 2015.
Lambert Walker specialises in the conservation and restoration of buildings of historical or cultural significance, such as churches, cathedrals and local heritage sites. Works include conversions and adaptations alongside traditional conservation.
According to the administrators offers to purchase the company have been received and the company is continuing to trade.
Pre-tax profit for Lambert Walker was £44,608 in 2014, out of a turnover of £7.3m, compared to pre-tax profit of £284,685 on a turnover of £4.4m in the previous year.
Recent Lambert Walker projects in the region include restoration work on Manchester Cathedral, Liverpool Anglican Cathedral, St Ann’s Church in Manchester and All Souls Church in Bolton.
Kerry Bailey, BDO business restructuring partner, said: “Unfortunately, a substantial decrease in turnover during the last year, coupled with a reduction in margins on contracts and a high overhead base, led to a deterioration in the company’s working capital position.
“However, we are confident of concluding a sale of the company’s business and assets that will allow the business to move forward on a more secure financial footing. The joint administrators will be working closely with the final purchaser to manage the novation of the company’s existing contracts and maximise recoveries for creditors.”