‘Iconic’ home builder goes bust
A much-loved home builder has been forced to call it quits over money issues after 30 years.
A much-loved home builder has been forced to call it quits over money issues after 30 years of business.
Cubitt’s Granny Flats and Home Extensions announced on Tuesday, it had gone into voluntary administration after three decades of building homes.
The company blamed the situation on the skyrocketing costs of building homes, high taxes, lending conditions and supply line issues.
The business is now up for sale.
“It is with great sadness that the Cubitt family have made the devastating decision to move Cubitt’s Granny Flats and Home Extensions into voluntary administration,” a statement from Cubitt’s read.
Company co-owner Ian Cubitt.
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“This morning, we informed our loyal and hardworking staff in person where possible and remotely via video, some of whom have been with us for more than 25 years, of our decision.
“It was a very emotional meeting.
“After 30 years building homes, we never thought we’d find ourselves in a position where we’d be saying goodbye to our staff, our business, and the many steadfast customers and suppliers who have supported us. It has been the toughest of days.”
The company, which has operated in NSW and the ACT since 1994, said it had been struggling financially for the past three years.
One of Cubitt’s granny flats Picture: Supplied
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“Due to bank lending conditions, supply prices, taxation changes, insurance prices, Covid recovery and lengthy weather events, Cubitt’s company has suffered more than it can shoulder,” the statement continued.
“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.
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A renovation done by Cubitt’s.
“Unable to bridge the gap entirely, the directors have today appointed Richard Stone and Brett Lord from RSM Australia Partners as Administrators with the objective of finding a buyer for this truly special and iconic business, building affordable housing that Australians can be proud to live in.
“We will be working with the Administrators to provide everything they need to achieve the best outcome they can for Cubitt’s, and its staff, customers, suppliers and other creditors.
“Any inquiries regarding Cubitt’s voluntary administration or the sale of the business should be directed to cubitt@rsm.com.au.”
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