Reviewed: 27th July 2016
The Kent-based building company Cardy Construction is apparently poised to enter administration after being hit by a notable downturn in activity within its industry in recent months.
According to Kent Online, the firm has already signed a notice of intent to appoint administrators, with stories emerging elsewhere of workers being sent home from construction sites early this morning (July 26th).
Cardy Construction has been in existence since the mid-1940s and its entry into administration would reportedly put around 220 jobs in jeopardy.
The company reported a £25 million increase in annual revenues for its most recent financial year but is understood to have fallen victim to a broad downturn in activity within the UK’s construction sector during recent months.
That downturn is being widely attributed to the economic and political uncertainty created during the run up to and the aftermath of the UK’s referendum on its membership of the European Union.
According to the Office for National Statistics, activity within the UK construction sector fell by 2.1 per cent during May of this year, with the EU referendum having taken place towards the end of the following month.
Contracts cited as having boosted Cardy Constructions revenue levels last year included deals with Rolls Royce, Johnson and Johnson and BMW.
The company’s offices are in Sandwich and Heathrow and it had been working on a variety of projects across various parts of southern England.
Earlier this month, the Dunne Group, a UK construction company specialising in creating concrete frames for skyscrapers, entered administration despite having posted revenues worth £74 million just last year.
A total of over 500 employees of the group were made immediately redundant as it was entered into administration.
The Dunne Group was based in Scotland but was contracted to work on a variety of major construction projects in various parts of London.
It is as yet unclear whether or not Cardy Construction’s employees will be made redundant or whether any aspects of the business will be rescued once administrators have officially been called in to manage its affairs going forward.
With 55 offices across the UK, you’re never far away from expert and confidential advice.
12th December 2018
Small and medium-sized enterprises (SMEs) across the UK are paying increasingly large sums of money to collect amounts owed to them by their clients and customers.Read More
4th December 2018
The number of independent retailers who closed down outlets during the first half of this year reached a record high level for any comparable period.Read More