Established in 1956, Camerons was one of the Channel Islands’ leading construction businesses. It employed 45 staff who have been made redundant, although the majority of those affected are subcontractors.
While Camerons had historically been profitable, the financial position of the firm declined irretrievably in recent months due to cost inflations which could not be accommodated within agreed contract prices.
The board fought to save the business entering extensive discussions with customers and other potential funders, but was in the end forced to cease trading at the end of last month and take steps to appoint liquidators.
A meeting of creditors was called yesterday, with the joint liquidators subsequently appointed.
David Standish, managing director at Interpath Advisory and joint liquidator, said: “This is clearly a disappointing outcome for a long-established and highly regarded business; however, our immediate priority will be to assist Camerons’ employees and creditors to submit their claims in the liquidation and seek to realise Camerons’ remaining physical assets and contractual debtor balances.”
Russell Kelly, Partner at KPMG in Jersey and joint liquidator, added: “KPMG are committed to working with the Directors and alongside Interpath to reach the optimum outcome for employees and creditors at what is a difficult time for all concerned. Camerons is a long-established Jersey business and was a significant participant in the local construction sector.”