Lemlec Ltd, a trusted provider of electrical, plumbing, heating, gas, and building services on the Isle of Wight, has announced its decision to enter liquidation.
During its most successful years, Lemlec Ltd proudly employed over 25 skilled professionals and managed a fleet of more than 15 vehicles, servicing a growing client base with comprehensive property solutions. However, rising operational costs, including increases in fuel prices, vehicle maintenance, and employer expenses, have presented substantial financial challenges in recent years.
Additionally, the company has experienced six-figure losses due to clients either going bankrupt or failing to pay for completed work, which has significantly impacted cash flow and contributed to the difficult decision to enter liquidation.
As Lemlec Ltd transitions to closure, Managing Director Ryan Smith-Matthews has made it clear that the company is dedicated to honouring all commitments to its customers. All deposits are safeguarded, and any project already paid for will be completed.
Ryan says:
“Integrity has always been at the forefront of Lemlec’s mission.
“By ensuring that we complete all outstanding work, we’re demonstrating our commitment to the Isle of Wight community, which has supported us over the years.
“We are incredibly grateful for the trust and support that our customers have shown us. While this is a difficult time, we are committed to ensuring a respectful and honourable closure. This decision does not change our dedication to serving each customer fully and responsibly.”
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The liquidation process will be conducted with complete transparency, with a primary focus on fulfilling all customer commitments before fully ceasing operations. Customers, partners, and community members are encouraged to reach out with any questions regarding current or upcoming projects.
It is always sad to see a local company going bust, but one wonders how this could really happen to a mid sized electrical company on the island. My experience of contracters is that the good ones are flat out doing great work and busy. There is work out there and money to pay for it. We are not in the depths of a depression with lots of companies going bust right now. Not quite sure how management could achieve this “result”
Just wait until the recent Labour Budget kicks in,
businesses will be dropping like flies.
The country is doomed, who would have thought
a Government could do more damage in 4 months
than the Tory Government done in 14 years!
You will own nothing and be happy!
Have a look at companies house at the 2023 year end, most of the debtors are also owned by the same director, hence not much money to pay outstanding creditors, who have probably put them on stop.
Thanks Sarah. Hadn’t done the companies house check. I wonder if this is a “pre-pack”
I just looked and it shows only a small portion of money owed to companies with same director
It is not easy for small companies to compete
with the Giants, eg British Gas