Thu, 11 Nov 2010 | ADMINISTRATION
Earlier this week, we reported Rok’s intention to place itself into administration after its substantial losses of £3.8 million came to light.
Rok plc and Rok Building Limited have both entered administration.
Following the appointment of insolvency practitioners from PwC, the accounting services firm has subsequently announced it is searching for a buyer whilst assessing the building services provider’s finances. At the time, joint administrator Mike Jervis said: “Employees will naturally be concerned about their position, but they will continue to be paid if they attend work and perform their duties as normal.”
The subsequent cull of 711 jobs is down to potential buyers’ disinterest in certain parts of the business and there not being enough work for staff to do, said the administrators.
Around 560 of the job cuts were in the maintenance and improvements business.
Over 100 parties have made their interest known in purchasing the business or its contracts. PwC is now working on reducing the numbers to a shortlist.
Mr Jervis said: “We are short-listing bidders on the basis of their size, level of interest in acquiring large parts of the business and their speed of reaction.”
The administrators have just revealed that another 260 jobs from the plumbing, heating and electrical (PHE) arm in Scotland have been lost after a deal to save part of the business fell through.
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