Montego Homes appointed insolvency firm Cor Cordis on Monday, citing the impact of rising building costs.
“Given the challenges that the construction industry has faced recently including rising building costs, the directors made the decision to appoint Voluntary Administrators to assess how best to restructure the business,” administrators Sam Kaso and Shaun Matthews said.
All construction work has been halted while the administrators look for a buyer.
In a statement, the administrators said they were seeking a buyer to restructure or recapitalise the business.
They said they had begun an urgent review into the company’s financial position.
“We are urgently seeking a buyer to restructure or recapitalise the businesses, including through a deed of company arrangement or a sale of business transaction,” the administrators said.
“We will be providing regular updates to all stakeholders as we work through the voluntary administration process.”
The building firm, which has its headquarters in South…
