Thu, 06 Sep 2012 | ADMINISTRATION
Roofing firm Rock International Holdings has entered administration, following a management buy-out four years ago.
KPMG has been appointed as the administrators of the company, with Jane Moriarty and Allan Graham confirmed as the joint administrators after credit firm Top Service withdrew the credit limit on Rock International following a number of queries and a delay in the posting of its 2011 accounts.
The accounts of Rock Group Holdings, the parent company, stated that Rock International saw its turnover fall from £20 million in 2009 to £11 million in 2010. Meanwhile, Rock Group itself witnessed a £3.8 million loss over in the 2010 financial year.
This drop in sales came in the wake of the “adverse economic environment and ensuing contraction in large-scale new-build commercial projects”.
In the run up to the loss-making years the company took a number of steps to attempt to rebalance the books, with a management buy-out taking place in 2008, followed by a capital restructuring in 2010 and a debt for equity swap in 2011.
Furthermore, Investec transferred £2 million of mezzanine debt to NGBI Private Equity in 2009 and bank debt was transferred in 2010, followed by another financial restructuring, which converted senior and mezzanine debt and bonds to equity.
Explore the chance to acquire a thriving recruitment agency located in South England, offering a robust client base and growth potential.
Exceptionally busy MOT testing station and vehicle repairs/servicing business which has been in the same hands for over 30 years and proved particularly profitable for the vendor.
A unique opportunity to acquire a reputable Yorkshire-based haulage business with a strong regional presence and significant growth potential.
|
05
|
|
May
|
Full-service practice acquires local construction law specialist | BUSINESS SALE
Reeves James, a specialist construction law practice, has be...
|
02
|
|
May
|
Scottish law firms WJM and Davidson Chalmers Stewart merge | MERGER
Scottish law firms Wright, Johnston & Mackenzie LLP (WJM) an...
|
01
|
|
May
|
Cybersecurity firm Brigantia bought by European peer | BUSINESS SALE
North Yorkshire cybersecurity distributor Brigantia Partners...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.