LIQUIDATORS have been appointed after the collapse Garenne Construction Group.
The group was rendered insolvent due to high number of cross-guarantee claims made against the recently failed building firm Camerons, which was one of Garenne’s subsidiaries. The directors determined that Garenne was unable to continue to trade given its financial position.
Camerons cited spiralling material and labour costs, strains in the supply chain and problematic contracts, as well as the impact of the pandemic and Brexit has the reason for folding. Forty-five Camerons employees were made redundant.
Geoff Jacobs and David Standish from Interpath Advisory and Linda Johnson and Leonard Gerber of KPMG Advisory have been appointed joint liquidators to Garenne Construction Group Limited.
Mr Jacobs said: ‘Our intention is to retain six employees for a period of time to continue the provision of certain head office functions to the wider group entities where appropriate to do so and we will also seek to realise the shares in certain subsidiaries. We thank the employees in advance for their support during this challenging time.’
Ms Johnson added: ‘Following the closure of Camerons, the insolvency of GCGL has been precipitated due to the various guaranteees it provided which have been called upon. Anyone with an interest in any subsidiary entity should make immediate contact with the liquidators.’