Efforts to save long-time Penrith business Cubitt’s Granny Flats and Home Extensions have failed.
After 30 years, the family owned business has been formally placed into liquidation by creditors.
As previously reported by the Weekender, the business was placed into voluntary administration in February.
There is some bright news for clients impacted by the collapse of the company, with administrators RSM Australia advising more than 30 creditors who attended a meeting last Friday that NSW-based construction firm Acrow Homes Pty Ltd had purchased Cubitt’s business names, intellectual property, project records, and exclusive rights to
its customer list.
Administrator and RSM Australia Partner Richard Stone said Acrow had already reached out to Cubitt’s 130 clients, whose homes had been on hold since the builder entered voluntary administration, advising them Acrow was ready to “restart, reinvigorate and complete” their projects.
“While this is welcome news, the Administrators understand this has been a very challenging and stressful period for everyone involved,” Stone said.
“The failure of one business has a domino effect on so many people, from staff, to clients, suppliers and other stakeholders. Today, these impacts are being compounded by a fragile economy and businesses and households who are doing it tough.”
Stone said that the return to creditors was uncertain at this stage and would be subject to future recoveries.
Administrators had hoped to save the business by finding a new owner, and had previously noted extensive interest.
Troy Dodds is the Weekender’s Managing Editor and Breaking News Reporter. He has more than 20 years experience as a journalist, working with some of Australia’s leading media organisations. In 2023, he was named Editor of the Year at the Mumbrella Publish Awards.
