Mon, 08 Nov 2010 | ADMINISTRATION
Building services provider Rok has applied to the FSA to suspend its shares after experiencing substantial losses this year.
The Exeter firm called itself the 'nation's local builder' and was one of the main UK providers of construction services to schools, councils, housing associations and businesses, with over 2,000 employees.
Rok had discovered 'serious failings' in its financial and operational systems in August, following a review by accountancy firm BDO. It also experienced a decrease in installations of piping and heating in new houses.
The firm recorded a loss of £3.8 million for the six months to 30 June 2010, contrasted with a profit of £6 million recorded for the same period in 2009.
The company said in a statement: “The board of Rok plc announces that it has resolved to put the company into administration and to make an application to the Financial Services Authority to suspend the listing and trading of the company’s ordinary shares.”
The construction sector’s difficulties in the recession have been cited as the main factor behind the firm's collapse. Direct employment of the majority of staff has also been indicated by analysts as being a factor, whereas it should have been making more use of subcontracted labour. This would have reduced its vulnerability to the rapid changes in demand that have characterised the industry in recent decades.
The news of Rok’s demise comes just ten weeks after property services Connaught entered administration.
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