A notice was published in today’s daily newspaper that Correia Construction Company Ltd will close its doors after 46 years in business.
The notice also stated that move comes after Dennis Correia and his staff had done everything they could to keep the company running.
According to the notice: “Problems began when Dennis experienced serious health issues in 2017 and were compounded with a huge shortfall in cashflow ($3,400,000) due, in large part, to the $750,000 owned to the company for work at Caroline Bay in 2018,” according to the notice.
“Dennis offers his sincerest apologies to his hardworking and long-serving staff and creditors and hopes that he is able to work with the liquidators to ensure that all the company’s debts are paid in full.”
Correia Construction headed up the Heritage Wharf development at Dockyard undertaken by the Bermuda Government.
That project cost taxpayers $60 million amid structural difficulties with that development since its completion.
No word on how many staff members will lose their jobs as a result of the closure.