Cubitt’s Granny Flats and Home Extensions, an affordable housing company that has been operating in NSW and ACT for the past 30 years, has been placed into voluntary administration with debts of about $3.8 million.
Directors of the family-owned company have appointed Richard Stone and Brett Lord from RSM Australia Partners as administrators following an ‘emotional’ meeting with staff this morning as the administrators prepare to find a buyer for the business.
The administration has affected https://www.businessnewsaustralia.com/120 building projects on Cubitt’s’ books as well as 80 staff, while also leaving about 200 creditors owed a total of $3.8 million.
However, Stone says this is a preliminary estimate that may change following more detailed investigations over the next few weeks.
“We recognise this is a very uncertain time for employees,” says Stone.
“The majority of staff have been stood down, with some essential staff retained to assist the administration process. The Cubitt family have also pledged their full support during this process.”
A statement from the Cubitt family has given some insight into the company’s problems which appear to have stemmed from a decision in…
