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Cubitt’s Granny Flats and Home Extensions has announced it is going into voluntary administration.
The construction company, which had been operating for 30 years in NSW and the ACT, announced on Tuesday it had made a “devastating decision”.
Cubitt’s is believed to have collapsed due to the difficult economic climate and is urgently seeking a new buyer.
Earlier on Tuesday, staff were told at a meeting that the company was on its last legs.
“We informed our loyal and hard-working staff of our decision in person, when possible, and remotely via video, some of whom have been with us for more than 25 years,” a company statement said.
Cubitt’s Granny Flats and Home Extensions has become another casualty of the economic climate, announcing on Tuesday that they had entered voluntary administration (pictured, a Cubitt design).
As reported by news.com.auThe meeting was described as “very emotional” and sad.
Richard Stone and Brett Lord of insolvency firm RSM Australia Partners have been appointed administrators.
In 1994, Ian Cubitt launched the business and has since trained 120 carpenters.
Cubitt’s said the current economic crisis was crushing builders across the country.
“Due to bank loan conditions, supply prices, tax changes, insurance prices, Covid recovery and prolonged weather events, Cubitt’s business has suffered more than it can bear,” the company stated.
Additionally, the Australian company said it had attempted to “fulfill fixed price contracts” in 2021.
The owners, Ian Cubitt, Kim Cubitt and Kate Cubitt attempted to complete the construction by financing it with their own personal money.
The owners of the company tried to respect the prices set from 2021 and used their own money to complete the constructions. The company started in 1994 and served NSW and ACT (pictured, Cubitt’s grandmother’s flat designs)
“We will work with the Administrators to provide everything they need to achieve the best possible outcome for Cubitt’s and its staff, customers, suppliers and other creditors,” he said.
Interested parties and affected creditors are urged to contact cubitt@rsm.com.au.