The Canterbury-based construction firm has gone into administration with the loss of 220 jobs.
Duncan Beat and Alexander Kinninmonth of RSM Restructuring Advisory LLP were appointed as joint administrators by Cardy Construction Limited on 4th August. Any enquiries from interested parties should be directed to Matthew Vanderman at RSM on 023 8064 6520. The 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."
Cardy blamed the fall in orders around the uncertainty of Brexit, which resulted in less work coming in. Having worked with BMW, Rolls Royce and Johnson and Johnson, the company increased its turnover significantly in recent years. However, the last few months have simply proved too much.
The construction sector has fallen into recession over the last two quarters as investment slowed down while margins have been squeezed.
Its parent company, Cardy Group Holdings Limited, is not going into administration.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know. If you any queries, please contact RSM who are handling the administration.