Lehto Group - the largest construction conglomerate in Finland, declared bankruptcy of its subsidiaries Lehto Asunnot, Lehto Tilat and Lehto Korjausrakentaminen. The companies engage in residential and commercial construction and generate the majority of the group's revenue — EUR 345 million for 2022.
The bankruptcy of Lehto Group could lead to the loss of jobs - nearly 2000, as well as further deterioration of the situation in the industry.
There are three main reasons for bankruptcy: lack of financing, decrease in revenue and operating profit, and debts in the amount of more than EUR 66 million.
Analysts predict that the recovery of the industry is possible in 2025. The situation could be eased by lower interest rates on mortgage loans, as well as the continued demand for housing and offices.
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