The Garenne Construction Group has been found to be insolvent and liquidators have been appointed to wind up the business.
The collapse of the construction company follows the sale and folding of several businesses under the Garenne umbrella, including Camerons in Jersey earlier this year.
The joint liquidators that have been appointed are Geoff Jacobs and David Standish from Interpath Advisory and Linda Johnson and Leonard Gerber from KPMG Advisory.
Yesterday evening an announcement revealed that: "Following the liquidation of Camerons Ltd (a subsidiary entity) on 27 March 2023, a number of significant cross guarantee claims have crystallised due to strained trading conditions across the wider GCGL group, which, given the quantum of the claims, has rendered GCGL insolvent.
"The directors determined that GCGL was unable to continue to trade given its financial position. Thereafter, shareholder resolutions were passed by GCGL’s shareholder to place the company into voluntary winding up and to appoint the joint liquidators to realise GCGL’s assets (comprising shares in its subsidiaries) and attend to the winding up in an orderly manner."
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 that the insolvency of the Group "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".
Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.
There are no comments for this article.