Restructuring experts, Begbies Traynor, said its team was preparing to “move the company into liquidation” in the latest update since the £250 million London contractor entered administration in October 2023, after close to 40 years of trading.
More than 300 people were employed at Michael J. Lonsdale (Lonsdale) when it collapsed, buckling under several pressures at the time, including delayed projects and a disrupted supply chain.
“There are no funds available to pay a dividend to the preferential creditors within the administration,” an administrators’ progress report states, spanning the period between April and September this year.
Adding: “We consider that there are likely to be sufficient funds for a…