Modular building specialist goes into administration
Timber modular building specialist Carbon Dynamic has fallen into administration with the loss of 40 jobs.
The Invergordon, Scotland based firm specialised in eco-friendly, low cost residential and commercial accommodation modules.
The company ran into trading and cashflow difficulties as it was nearing completion of a major project for the construction of 78 modules.
Carbon Dynamic had invested £1.3m in research and development to perfect the modules since the company’s inception in 2012.
Turnover grew to £3m in the year to May 2018 and was expected to reach £6m by May 2019.
But the director was unable to secure funding to address cashflow pressures and had no other option than to place the company into administration.
Blair Nimmo, Joint Administrator and KPMG’s global head of restructuring said: “Unfortunately, Carbon Dynamic was unable to continue trading in light of challenging conditions and significant cashflow difficulties.
“This has, in turn, resulted in the redundancies which have been announced. We will be working with all affected employees and the relevant government agencies to ensure a full range of support is available.
“We are rapidly exploring the possibility of securing a sale of the company’s business and assets and would encourage any interested parties to contact us as soon as possible.”
Original link - Construction Enquirer