A family-owned cold storage builder has gone out of business after more than a century, with the loss of 74 jobs.

ICA Group – short for International Controlled Atmosphere – ceased trading immediately after falling into administration last month.

Based in Paddock Wood, it blamed contractions in the farming and agriculture sector for putting pressure on cashflow over the past few years.

It appointed administrators on March 21 after attempts to restructure the company failed.
Its assets are being sold to settle its debts.

The company built cold stores for vegetables, prepared meals, bakery, processed meat and drinks – and also served the pharmaceutical and drug manufacturing industries.

Last year its technology was used to complete the largest cold store in Kent for apple and pear producer AC Goatham & Son in Hoo.

Philip Armstrong, joint administrator at FRP Advisory, said: “It is hugely regrettable that a Kent business with a loyal customer base has had to close its doors, following several years of unsustainable cash flow pressures.

“We will continue to realise the assets of the business in the interests of the creditors”.
ICA’s most recently available accounts show it had begun to make losses by the end of 2015.

It lost nearly £56,000 before tax in that year, when it employed about 80 people, having made a pre-tax profit of £546,000 in 2014.

That was down from a surplus of £1.4 million a year earlier.

The firm began life as a building contractor in 1901 when builder Harry Lawrence set up a company in Five Oak Green, near Paddock Wood.

In 1937, it built its first gas-controlled apple store for a farmer, which eventually transformed the firm into an international leader in temperature-control technology.

Its managing director Andrew Wills – great-great-grandson of the company’s founder – took control of the business in 2004 from his father John Wills.

John had taken over the firm from his father-in-law Lawrence King, who was grandson of founder Harry Lawrence.

ICA had, until recently, gone through a period of rapid growth.

Last year, it was named the 41st fastest-growing company in Kent in last year’s MegaGrowth 50 list, based on turnover from the previous four years’ accounts filed at Companies House.