A family-owned builder that has been operating for 30 years has collapsed, owing almost $4m, and is seeking a new buyer.
Chris Herde Follow @ChrisHerde 2 min read February 27, 2024 - 4:39PM The Australian Business Network
Don't miss out on the headlines from Business. Followed categories will be added to My News.Follow
A family-owned home builder that has been providing affordable housing for three decades and gone into voluntary administration, unable to work through a series of blows affecting the sector.
Cubitt’s Granny Flats and Home Extensions had been building homes in NSW and the ACT since 1994 and is seeking a buyer for the business.
On Tuesday the Cubitt family said it has “suffered more than it can shoulder” because of bank lending conditions, supply prices, taxation changes, insurance prices, covid recovery and lengthy weather events.
“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,” they said.
Leave a Reply
You must be logged in to post a comment.