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Dozens of jobs are teetering on the sting of redundancy after one in every of Canterbury’s oldest constructing companies went bust.
Directors have been known as in by contractor Coombs to deal with its affairs – virtually 50 years after it was based.
Cellphone strains on the firm’s Wincheap headquarters have been down because the insolvency specialists from Brighton-based White Maund took over the reins in the direction of the tip of final month.
The futures of an estimated 66 members of employees have been plunged into uncertainty following the announcement, prompting fears its demise might set off additional job losses domestically.
A spokesman for White Maund mentioned: “Over the course of the final yr the buying and selling place of the corporate deteriorated, [and the] state of affairs was exacerbated by the pandemic.
“The administrators had been searching for funding to allow the corporate to proceed buying and selling, however it was not till the tip of October that the traders confirmed they’d not proceed.
“The administrators then took specialist recommendation and had been suggested that the corporate ought to stop buying and selling and be positioned in administration.”
The housebuilder’s newest accounts present its earnings dwindled between 2017 and 2018, from virtually £110,000 to only beneath £58,000.
Its most up-to-date figures additionally present that it paid 32 administrative employees and 34 manufacturing staff a mixed £2.four million throughout the identical monetary yr.
Developer Mark Quinn advised the Gazette: “It’s an actual disgrace. It’s not stunning as I’d think about they’ve most likely had a lot of schemes placed on maintain by the pandemic.
“They are going to have had funds delayed to them in consequence, and also you solely have to have that occur a few occasions for issues to not add up.
“That’s a multi-million-pound firm, and that cash will now not be going into the provision chain, so there might be much less work for folks.
“This might trigger extra corporations to go to the wall. It’s a tragic reflection of the occasions we’re heading into.”
Mr Quinn says trade insiders are predicting larger monetary difficulties for housebuilders subsequent yr.
And with out the city-based enterprise, he believes fewer houses might be constructed throughout the county.
“They’re one of many oldest constructing corporations in Kent,” he added.
“With Coombs gone, I don’t assume there are sufficient corporations left, because it leaves solely two or three domestically which are large enough to construct a college or heaps and many houses.
“When it comes to housing supply, I believe there might be fewer constructed.”
Earlier than the enterprise folded, Coombs had been engaged on three initiatives along side native authorities and housing associations.
Amongst them is Canterbury Metropolis Council’s 16-home Kingsmead Discipline scheme – which has stalled since Coombs collapsed.
Authority spokesman Leo Whitlock mentioned: “Work has stopped on the Kingsmead Discipline web site and the keys have been handed again to the council.
“Coombs was being paid in installments primarily based on work that has already been accomplished.
“Which means the council has not paid for something that hasn’t already been constructed and has not misplaced any cash.
“We’re working as rapidly as doable on the easiest way to place the contract again out to tender with a purpose to minimise delays to the venture.”
The corporate’s contract with Thanet District Council to construct 9 reasonably priced lease houses in Ramsgate has additionally been terminated.
A spokesman for the authority is looking for a brand new agency to finish the ultimate levels of the work.
In 2009, Coombs was accountable for the redevelopment of Margate attraction Dreamland, whereas in the identical yr it additionally accomplished Canterbury Christ Church College’s North Holmes Street campus.
The corporate was fashioned in 1971 by bricklayer Rodney Coombs, who began out as just about a one-man band, save for the assistance of spouse Pat.
Earlier than Rodney’s demise in 1979, the couple reworked the enterprise into one of many metropolis’s most respected constructing contractors, using as many as 70 folks.
Coombs managing director John Healey was requested to remark however had not responded.
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