Following the collapse of Camerons, liquidators have been appointed to Garenne Construction Group Ltd, their parent company.
Geoff Jacobs and David Standish from Interpath Advisory and Linda Johnson and Leonard Gerber of KPMG Advisory were appointed joint liquidators to Garenne Construction Group Limited (GCGL) on 31st March 2023.
Established in 1985, GCGL is the parent company and provider of certain head office functions (including IT, HR and finance services) to various subsidiaries and other parties. Its trading subsidiaries comprise inter alia; construction and renovation businesses, facilities management operations and shopfitting contractors.
Following the liquidation of Camerons Ltd (a subsidiary entity) on 27th 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.
The Garenne group includes AFM, Granite Le Pelley, GSRM, J3, Rabeys Commercial Vehicles and Sterling Services.
Geoff Jacobs, managing director at Interpath Advisory and joint liquidator, 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.”
Linda Johnson, partner at KPMG in Guernsey and joint liquidator, added: “Following the closure of Camerons, the insolvency of GCGL has been precipitated due to the various guarantees it provided which have been called upon. Anyone with an interest in any subsidiary entity should make immediate contact with the Liquidators.”
