Decision sees 200 jobs go at Kent-based firm
Cardy Construction has entered administration and its entire 200-strong staff has been made redundant.
The Kent-based contractor appointed RSM Restructuring Advisory earlier this month after recording losses and experiencing cash flow issues on some contracts.
A statement from the administrators said: 鈥淭he decision to appoint administrators was made by the directors of Cardy Construction due to losses and resultant unsustainable cash flow pressure arising on certain contracts.
鈥淎s a result, the company ceased to trade and all employees were made redundant. Their claims are being dealt with by the Redundancy Payments Service.鈥�
The Canterbury firm had been going since 1946 and specialised in large scale contracts across Kent and the wider South-east. The firm also had offices in Sandwich and Heathrow and among its jobs was a restoration scheme on the roof of Canterbury Cathedral.
Duncan Beat, RSM partner and one of the joint administrators for Cardy, said: 鈥淲e are working with our professional advisors to assess the company鈥檚 contracts and sell the remaining assets with a view to maximising realisations for creditors.
鈥淚t is anticipated that the company鈥檚 unfinished projects will now be completed by local contractors and it is hoped that a number of Cardy staff and suppliers and sub-contractors will be reemployed by those contractors.鈥�
In its last set of accounts filed at Companies House for the year to March 2015, the firm made a pre-tax profit of 拢760,000 on a turnover of just under 拢68m.
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