An update filed at Companies House by administrators from MHA MacIntyre Hudson reveals that 185 non-preferential creditors have been left holding worthless invoices.
Canbury collapsed last November following a cash flow squeeze as three major projects were due for completion at the same time as materials and labour costs continued to rise.
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The firm’s commercial team was also stunned when a valuation for works completed on a major scheme was reduced from £1.2m to £110,000 by the Employer’s Agent.
Canbury provided pre-construction, construction management, main contractor and design and build services across all sectors including residential, commercial, leisure and retail.
Latest management accounts for 2022 until the administration show a turnover of £32.4m generating a pre-tax loss of £2m.
The administrator’s reports show Canbury owned three cars when it collapsed.
A £75,000 Porsche Taycan and a £61,000 Audi E-Tron were on contract hire deals.
A Land Rover Defender was owned outright and has subsequently been bought by a former director for £14,000.
