Thu, 16 Aug 2018 | ADMINISTRATION
Rippin Limited, a Scottish structural steel manufacturer, has been placed in administration after citing cash flow strains as the reason for its downfall.
Located in Cowdenbeath, Fife and in operation since 1974, the company provides services across the whole of Scotland and the north of England and caters specifically to the British construction industry.
While its main services were in steelwork, Rippin also supplied and installed metal decking and stairways. The majority of its construction services were in the new-build sector, and the company also worked to provide specialist complex extensions to existing buildings.
Due to the administration, however, the company has stopped trading, which has affected its staff members in consequence. The business recently reported financial strains due to customers refusing payments following contractual disputes, as well as a steep decline in orders from clients.
Big Four auditors KPMG LLP have been called in, and partners Blair Nimmo and Alistair McAlinden have been appointed as joint administrators who will be working with all relevant staff members to conclude Rippin’s operations.
The administrators are also on the hunt for interested individuals to make an offer for the assets in the form of stock and plant equipment.
Nimmo, who is also the global head of restructuring at KPMG, said: “In light of challenging trading conditions and significant cash flow difficulties, Rippin was unable to continue trading.
“We will be working with all the affected employees and the relevant government agencies to ensure the full range of support is available. We will also be exploring the possibility of securing a sale of the company’s assets and would encourage any interested parties to contact us as soon as possible.”
Click here to view the administration listing and the insolvency practitioners' details.
For more news stories about administrations click here. For all our administrations listings, click here.
Profitable glazing company in Berkshire. Beloved business with 57 year trading history. Ideal bolt-on business for the glazing industry. Offers invited.
Delivers high-quality play and sports surfaces, play equipment and street furniture. Well-respected reputation with clients in its sector. An accredited member of several renowned associations. North of Wales based business. Offers invited.
RELOCATABLE
Large multi facet sign writing and tool business. Retainership available. Loyal client base. Offers invited.
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
16
|
|
Jul
|
Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE
A supply chain management company operating in the aviation ...
|
15
|
|
Jul
|
Specialist engineering firm forced to appoint administrators | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced...
Sign up to receive our acquisition alert emails to get your FREE guide
|
09
|
|
Jul
|
Assets for sale as engineering firm appoints administrators | ADMINISTRATION
An engineering firm based in South Yorkshire has fallen into...
|
26
|
|
Jun
|
'All options' being explored for collapsed Welsh cheese maker | ADMINISTRATION
A cheese-making factory in Snowdonia has collapsed into admi...
|
02
|
|
Apr
|
Administrators appointed at Yorkshire engineering firm | ADMINISTRATION
An engineering contractor from West Yorkshire has been force...
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