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: “The 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.
“As a result, the company ceased to trade and all employees were made redundant. Their claims are being dealt with by the Redundancy Payments Service.”
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: “We are working with our professional advisors to assess the company’s contracts and sell the remaining assets with a view to maximising realisations for creditors.
“It is anticipated that the company’s 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.”
In its last set of accounts filed at Companies House for the year to March 2015, the firm made a pre-tax profit of £760,000 on a turnover of just under £68m.