01 Mar 2023 By Will Ing
A contractor in Jersey has stopped trading and intends to appoint an insolvency practitioner in the coming days.
Camerons Ltd, a 66-year-old firm based in St Helier, is expected to officially go bust in the next fortnight, according to the BBC. The company is owned by Garenne Group, a development and building company with offices in Jersey, Guernsey and Reading.
The company works with a range of suppliers and directly employs 50 people – but has been forced to stop business due to problems with loss-making contracts and the negative effects of Brexit and COVID-19 on its margins, according to a letter written by its directors.
The firm is currently working on jobs including a £70m development in Bath Street, St Helier – set to include a Premier Inn and 149 homes – as well as a 165-home scheme at Ann Court in St Helier.
In a statement, Garenne Group said: “Having exhausted the options available to it to try and renegotiate the terms of a number of problematic contracts without success, and having consulted with relevant third parties and with government, the Camerons board feels [insolvency procedures are] in the best interests of Camerons, having regard to the interests of Camerons’ creditors as a whole.
“The sites on which Camerons has been operating, and all property and assets on those sites, have been secured.”
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