Cardy Construction, which went into administration in August, owed £18.1m to creditors, a report from administrator RSM Restructuring has revealed. The sum is more than £4m above the figure provided by the contractor in its statement of affairs filed with Companies House.
The report said that when it went into administration, it had 13 live contracts for which it was main contractor, ranging in value from a few thousand pounds up to £25m.
Its clients included Rolls Royce as well as various airlines, hotel chains, and a regional health authority.
The administrator said “a number of claims” had been received in excess of the statement of affairs due to “the nature of construction based debts”.
The administrator’s report said Cardy’s cash flow was affected by various arbitration claims totalling around £3m and as a result the company could “no longer meet its ongoing cash requirements”. One of Cardy’s largest creditors is roofing firm RKC, which is owed £513,000. The contractor also owes £300,000 to HMRC, more than £500,000 to Jewson and over £100,000 to Kingspan.
In its most recent financial year, Cardy had a turnover of £77.6m for the year to 31 March 2016 – nearly double 2014’s figure of £41.2m.
The firm also posted a pretax profit of £500,000 in its most recent results.
At the time it entered administration, Cardy had a workforce of around 220 operating from offices in Canterbury, Sandwich and Heathrow.
