Duncan Beat and Alexander Kinninmonth, partners at RSM, have been appointed as joint administrators of Cardy Construction Ltd, a building firm based in Canterbury, which has collapsed with the loss of over 200 jobs
Cardy Construction was incorporated in 1993 and specialised in large scale, high quality construction contracts across Kent and the wider south east region. The directors decided to appoint administrators due to losses and resultant unsustainable cash flow pressure arising on certain contracts.
Duncan Beat, RSM restructuring advisory partner and joint administrators 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.’
