THE company that built Credit Suisse bank has collapsed leaving local debts. Anvil Projects, the largest dedicated project and construction manager in the Channel Islands, has shed all its staff and closed its offices.

It is now looking to appoint a liquidator after its bank withdrew an overdraft facility.

Anvil Group of companies chief executive Andrew Morley said in a letter to creditors that because of financial problems, its bankers had foreclosed.

Commerce and Employment minister and Garenne Group chairman Stuart Falla said that working in the industry meant he understood the problems of a competitive environment.

‘Any business that fails in Guernsey that then leaves other local businesses with losses is a catastrophe to them individually, but also to the good reputations of Guernsey business,’ he said.

Garenne Group helped found Anvil in a joint venture with the Gas Company in 1989.

A management buy-out followed later.

‘It was one of the few local companies that offered true project management. The States decided to pursue project management with several projects, but haven’t used local providers.’

He said it was another blow to the industry following the problems with Concept, Byword and Littlewoods.

Bob Froome and Sons lost £103,000 when Byword went bust.

‘It’s most disappointing to see a local firm go and it’s sad it’s another one gone,’ said partner Roger Froome.

The company had offices in Jersey, Exeter and London.

It is understood Mr Morley sold his house towards the end of last year to help fund a cash shortfall in the company.

Anvil was involved in many multi-million-pound development projects in Guernsey, including being project manager for the £11m.Credit Suisse office building at the South Esplanade.

It is currently involved in Les Amballes buildings and flats and provided facilities management at the Royal Hotel site.