Press Release – Camerons Limited
28 February 2023
The Board of Directors ("Board") of Camerons Limited ("Camerons") has made the decision to cause Camerons to cease trading with immediate effect.
The Board is now in the process of commencing formal proceedings to wind down Camerons' business. This will be followed by the appointment of independent insolvency professionals who implement an orderly realisation of Camerons' assets, and liaise with creditors in accordance with the appropriate insolvency process.
This decision has been made after a great deal of deliberation by the Board, and following a sustained period of financial difficulty created directly and indirectly by a variety of factors, including (without limitation) Brexit, the Covid-19 pandemic, rising interest rates, supply chain issues, materials and labour shortages, and spiralling costs.
The decision to cause Camerons to cease trading has been very difficult for the Board to make. However, having exhausted the options available to it to try and renegotiate the terms of a number of problematic contracts without success, and having consulted with relevant third parties and with government, the Board feel that such a step is in the best interests of Camerons, having regard to the interests of Camerons' creditors as a whole.
The sites on which Camerons has been operating, and all property and assets on those sites, have been secured.
The Board recognises that there will be questions that a large number of suppliers and stakeholders will have in relation to this decision, and the ramifications that it has for them. The Board asks that all such enquiries be sent in an email addressed to email@example.com. All reasonable steps will be taken to deal with such enquiries in an orderly manner.
Further announcements relating to the Board's decision to commence formal proceedings to wind down Camerons' business will follow in due course.