Published: 10:00, 26 July 2016
A construction firm is set to fall into administration, putting about 220 jobs at risk.
The news that Cardy Construction Limited, based in Canterbury, has fallen into trouble comes as the construction industry continues to be impacted by the Brexit vote.
The firm, founded in 1946, filed a notice of intent to appoint administrators yesterday as uncertainty around the economy affects forward orders in the industry.
It has built projects like the Rocksalt restaurant in Folkestone Harbour, Barretts’ BMW dealership in Broad Oak near Canterbury and the QEQM cancer care unit in Margate.
The move throws into doubt the future of projects like the redevelopment of the former Pleasurama site on Ramsgate seafront, where Cardy had been appointed as the contractor.
Its fall comes despite boosting turnover by more than £25 million to £67.6 million in the year to March 2015, helped by contracts with Rolls Royce, BMW and Johnson and Johnson.
The company, which also has offices in Sandwich and Heathrow, has grown turnover by more than £60 million in the last 22 years.
Its forthcoming administration comes as output in the construction sector slumped in the run up to the EU referendum, down 2.1% in May compared to a month earlier according to the Office for National Statistics.
Housing construction fell 3.2% over the same period, falling in every month this year apart from February.
Mark Quinn, managing director of Canterbury developer Quinn Estates, said: "Cardy is a great company and this is really sad.
"Hopefully something can be rescued in this situation to enable them to continue to employ hundreds of people.
"Brexit will have had an effect, with increased build costs and a lack of forward orders coming through.
"I think there is a recession coming because people have put things on hold for the last five months because of the referendum."
Cardy Construction Limited is owned by parent company Cardy Group Holdings Limited, also based in Canterbury, which is not going into administration.
A KentOnline reporter visited Cardy offices in Wincheap, near Canterbury, this morning but no one from the company was available for comment.