Cubitt’s enters voluntary administration, seeks purchaser

Cubitt’s enters voluntary administration, seeks purchaser | Australian Dealer Information

Richard Stone and Brett Lord from RSM Australia Companions appointed as directors

Cubitt's enters voluntary administration, seeks buyer

Household-owned Cubitt’s Granny Flats and House Extensions has entered voluntary administration, sparking a seek for a purchaser.

The 30-year-old reasonably priced housing supplier in NSW and the ACT shared the information with their long-serving employees, some with greater than 25 years on the firm.

“It was a really emotional assembly,” Cubitt’s mentioned in a media launch. “After 30 years constructing houses, we by no means thought we’d discover ourselves able the place we’d be saying goodbye to our employees, our enterprise, and the various steadfast prospects and suppliers who’ve supported us. It has been the hardest of days.” 

The corporate, based in 1994, has been a fervent advocate for apprenticeships, working a carpentry program that has seen greater than 120 carpenters acquire their {qualifications}, together with a feminine carpentry apprenticeship program.

Challenged by financial institution lending situations, provide value will increase, tax modifications, larger insurance coverage prices, COVID restoration, and extended climate occasions, Cubitt’s has confronted monetary strains past its capability.

In 2021, Cubitt’s selected to honour fixed-price contracts with out passing on value will increase to prospects. This dedication led to the completion of tasks by means of substantial private loans from house owners Ian Cubitt, Kim Cubitt, and Kate Cubitt, leveraging their private belongings to cowl the deficits.

Regardless of efforts, the administrators have been unable to completely mitigate the monetary hole and have appointed Richard Stone and Brett Lord from RSM Australia Companions as directors. Their aim is to discover a purchaser for the enterprise.

The Cubitt household pledged their full cooperation with the directors to safe the very best future for the corporate’s staff, prospects, suppliers, and collectors.

For any inquiries associated to the voluntary administration or the sale of the enterprise, stakeholders are inspired to contact [email protected].

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