{"id":515603,"date":"2025-03-03T12:45:45","date_gmt":"2025-03-03T12:45:45","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=515603"},"modified":"2025-03-03T11:53:40","modified_gmt":"2025-03-03T11:53:40","slug":"bam-loses-6m-after-lonsdale-collapse","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/bam-loses-6m-after-lonsdale-collapse-03-03-2025\/","title":{"rendered":"Bam loses \u00a36m after Lonsdale collapse"},"content":{"rendered":"

Bam Construction was owed \u00a35.8m by mechanical and electrical (M&E) specialist Michael Lonsdale when it went under, it has emerged.<\/p>\n

Michael Lonsdale Ltd, the holding company of Michael J Lonsdale Ltd, went into voluntary liquidation in January 2024.<\/p>\n

The entity is set to be wound up imminently and a final notice of account has revealed Bam Construction was a \u00a35.8m creditor.<\/p>\n

Other creditors claiming money from the company included founder and director Michael Hoodless, who was looking for \u00a325m, the report said.<\/p>\n

Professional services consultancy Gateley sought \u00a326,400, while American Express claimed \u00a36,307 and IT firm VitrX was looking to recoup just over \u00a39,000.<\/p>\n

Claims totalled \u00a330.8m but the liquidators agreed to pay out only \u00a327,107, with Gateley and accountants Eacotts International receiving the full amounts they each sought.<\/p>\n

No other creditors, including Bam<\/a> and Hoodless, received any money through the process.<\/p>\n

Michael J Lonsdale, the main business arm of the company, went into administration in October 2023.<\/p>\n

While administrators from Begbies Traynor revealed the firm owed trade creditors \u00a365m, a statement of affairs naming the list of creditors has not been published on Companies House.<\/p>\n

Last year<\/a> administrators said that less than \u00a3600,000 of the \u00a3120m Michael J Lonsdale owed to all creditors was likely to be paid out, with almost nothing available to trade creditors.<\/p>\n

The figures are separate from the \u00a330.8m claimed by creditors of the parent, Michael Lonsdale, and it is not known how many of those creditors were also owed money by Michael J Lonsdale.<\/p>\n

Bam declined to comment on the issue.<\/p>\n

Michael J Lonsdale, which turned over \u00a3204m, was one of the biggest M&E specialists in the UK and the 77th largest contractor overall by revenue according to the CN100 2023.<\/p>\n

Its directors cited Covid, Brexit, the effects of the war in Ukraine and a decline in its credit rating for its collapse.<\/p>\n

It later emerged<\/a> it was also owed \u00a31.2m by ISG at the time.<\/p>\n

Michael J Lonsdale was sold to an employee-owned trust<\/a> in February 2020, which saw it pay \u00a313.6m in contributions to its former owners over the next three years, a period during which its aggregate pre-tax profit was \u00a36.1m.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bam Construction was owed \u00a35.8m by mechanical and electrical (M&E) specialist Michael Lonsdale when it went under, it has emerged. Michael Lonsdale Ltd, the holding company of Michael J Lonsdale Ltd, went into voluntary liquidation in January 2024. The entity is set to be wound up imminently and a final notice of account has revealed …<\/p>\n","protected":false},"author":43915,"featured_media":445428,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[554,552,528],"tags":[],"class_list":["post-515603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-administrations","category-financial","category-bam-construct"],"yoast_head":"\nBam loses \u00a36m after Lonsdale collapse | Construction News<\/title>\n<meta name=\"description\" content=\"Bam Construction was owed \u00a35.8m by mechanical and electrical (M&E) specialist Michael Lonsdale when it went under, it has emerged. 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