Basingstoke-based stone company Levantina UK has entered administration, describing “softening in demand across the housing and renovation sector” as the reason behind its recent financial challenges.
Nick Holloway and Stephen Absolom from Interpath Advisory have been appointed as joint administrators of the company.
Levantina is the UK distribution subsidiary of Levantina Group, which describes itself as, “a global market leader in the stone sector, specialising in the extraction, production, and distribution of a variety of stone products, including marble, granite, limestone, and other natural stones”.
With two sites in Basingstoke and Rotherham, Levantina UK says it has a customer base of over 350 clients spread across the whole of the country. These customers include stonemasons and KBB studios, who use the company to purchase semi-finished stone slabs.
Interpath says that the wider Levantina Group outside of the UK remains unaffected by the administration process. In addition, the company employs 12 people, all of which are said to have been retained following the administration appointment.
Nick Holloway, Managing Director at Interpath, commented: “We are working with the business to continue to trade and keep operations running at the sites in Basingstoke and Rotherham, so it is business as usual for staff and customers. The administration provides a period of protection while we explore options for the future of the business in the UK.”
In related news, Leicestershire-based Aqualux Products was also placed into administration last week, with owners blaming volatile trading conditions inflationary pressures.
