{"id":525161,"date":"2025-07-18T12:01:54","date_gmt":"2025-07-18T11:01:54","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=525161"},"modified":"2025-07-18T12:02:16","modified_gmt":"2025-07-18T11:02:16","slug":"london-me-firm-calls-time-on-offsite-arm","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/london-me-firm-calls-time-on-offsite-arm-18-07-2025\/","title":{"rendered":"London M&E firm calls time on offsite arm"},"content":{"rendered":"

Lorne Stewart\u2019s offsite-construction subsidiary is being wound up due to \u201cprolonged losses and difficult market conditions\u201d.<\/span><\/p>\n

MDSL, which supplied corridor modules, plant skids and prefabricated pipework from a 45,000sq ft factory, has ceased trading and is \u201cno longer a going concern\u201d,<\/span> Lorne Stewart\u2019s<\/span><\/a> board concluded.<\/span><\/p>\n

The firm\u2019s latest accounts said: \u201cThe inflationary pressures, supply chain constraints and difficulty in attracting and retaining [a] skilled workforce have been a significant headwind throughout the year which impacted the company\u2019s margin and the stability of its supply chain.\u201d<\/span><\/p>\n

The accounts were prepared on a \u201cbreak-up basis\u201d, reflecting the \u201cintention to realise assets and settle liabilities in the normal course of winding-up the business\u201d, the company said.<\/span><\/p>\n

The Telford-based subsidiary saw its turnover slump by 68 per cent to \u00a3427,000 in the year to the end of December 2024, resulting in an operating loss of \u00a3369,000. This was on top of a \u00a3435,000 loss in 2023.<\/span><\/p>\n

The total \u201cshareholders\u2019 deficit\u201d in the latest year was \u00a38m.<\/span><\/p>\n

The news came as MDSL\u2019s parent company, LSRM Holdings, part of Lorne Stewart Group, saw its pre-tax loss narrow to \u00a31.9m in 2024. This compared with a loss of \u00a32.8m the previous year.<\/span><\/p>\n

Turnover in the latest 12-month period fell from \u00a3121.6m to \u00a3102m.<\/span><\/p>\n

LSRM pointed to \u201cmultiple factors\u201d still affecting the industry, including inflation, the skills shortage, Brexit and supply chain insolvencies.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Lorne Stewart\u2019s offsite-construction subsidiary is being wound up due to \u201cprolonged losses and difficult market conditions\u201d. MDSL, which supplied corridor modules, plant skids and prefabricated pipework from a 45,000sq ft factory, has ceased trading and is \u201cno longer a going concern\u201d, Lorne Stewart\u2019s board concluded. The firm\u2019s latest accounts said: \u201cThe inflationary pressures, supply chain …<\/p>\n","protected":false},"author":29901,"featured_media":376657,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,39315],"tags":[],"class_list":["post-525161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-offsite-mmc"],"yoast_head":"\nLondon M&E firm calls time on offsite arm | Construction News<\/title>\n<meta name=\"description\" content=\"Lorne Stewart\u2019s offsite-construction subsidiary is being wound up due to \u201cprolonged losses and difficult market conditions\u201d. 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