Local company Cubitt’s Granny Flats and Home Extensions has entered voluntary administration, its owners have confirmed.
The business has been running since 1994 and has its head office in Emu Plains.
“This morning, we informed our loyal and hard-working staff in person where possible and remotely via video, some of whom have been with us for more than 25 years, of our decision,” the Cubitt family said in a statement.
“It was a very emotional meeting. After 30 years building homes, we never thought we’d find ourselves in a position where we’d be saying goodbye to our staff, our business, and the many steadfast customers and suppliers who have supported us. It has been the toughest of days.”
Bank lending conditions, supply prices, taxation changes, insurance prices, COVID recovery and lengthy weather events have combined to lead to the decision.
“Cubitt’s made the decision in 2021 to honour fixed price contracts and not pass on price rises to their customers, bridging the shortfall and completing projects with significant loans to the company by the owners, Ian Cubitt, Kim Cubitt and Kate Cubitt, using their personal assets,” the statement said.
“Unable to bridge the gap entirely, the directors have today appointed Richard Stone and Brett Lord from RSM Australia Partners as Administrators with the objective of finding a buyer for this truly special and iconic business, building affordable housing that Australians can be proud to live in.
“We will be working with the Administrators to provide everything they need to achieve the best outcome they can for Cubitt’s, and its staff, customers, suppliers and other creditors.”
Any inquiries regarding Cubitt’s voluntary administration or the sale of the business should be directed to [email protected].
