CAMERONS – one of Jersey’s biggest construction firms – has ceased trading with immediate effect.
The company, which is currently working on the redevelopment of Bath Street and building homes at Ann Court, has blamed a number of factors, including Brexit, Covid and the recent increase in costs.
The firm traded for over 66 years and is understood to have employed about 50 people.
It worked on some of Jersey’s biggest developments, including Summerland for Andium, the Jersey International Finance Centre, Weighbridge House, the Household Recycling Centre at La Collette, and Clarkson House for Jersey Hospice Care.
In a statement, the board of directors said: ‘Camerons, as with many businesses in the building sector, has been adversely impacted over a sustained period by a series of events, including (without limitation) Brexit and the Covid-19 pandemic, as well as the consequential strain on the supply chain, the limited availability of materials and labour, and the spiralling costs, that have all followed.
‘These factors, along with the increasingly onerous fiscal environment that now exists, have resulted in significant pressure being placed on Camerons’ business over recent months, and have left Camerons in a position where it has been unable to manage unforeseen additional costs on a number of its key contracts.
‘As a result of the above, Camerons is no longer in a position where it can continue to operate as a going concern, and the board have taken the decision to cause Camerons to cease trading with immediate effect.’
The board is now in the process of formally winding down the company.
The statement continued: ‘This has been a very difficult decision for the board to make. However, having exhausted the options available to it to try and renegotiate the terms of the problematic contracts without success, and having consulted with relevant third parties and with government, the board feel that such a step is in the best interests of Camerons, having regard to the interests of Camerons’ creditors as a whole.
‘In the meantime, the sites on which Camerons has been operating, and all property and assets on those sites, have been secured.
‘The board is aware that certain suppliers will also have ongoing projects with entities such as AFM Limited, Granite Le Pelley Limited (Jersey) or another entity within the Garenne Group. The Board wishes to assure those suppliers that these entities are continuing and are not affected by the winding down of Camerons.’
