David Standish from Interpath Advisory and Mark Russell Kelly & Louis Leonard Gerber of KPMG Advisory have been appointed joint liquidators to Camerons.
Established in 1956, Camerons was one of the Channel Islands’ leading construction businesses, acting as lead contractor on a number of significant developments in the region.
Whilst Camerons had historically been profitable, the financial position of the Company declined irretrievably in recent months as a result of various issues impacting the wider construction industry, including a sharp increase in material and supply chain costs which could not be accommodated within agreed contract prices.
Whilst other avenues have been explored by the Board, including extensive discussions with certain customers and other potential funders, the only option available, given the circumstances, was to cease trading and take steps to appoint liquidators.
The directors of Camerons took the decision to cease trading on 28 February 2023, with all 45 employees being made redundant.
In line with the statutory process, a meeting of creditors was called for 27 March 2023, with the joint liquidators subsequently appointed.
David Standish (pictured), 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.”