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.
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