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.
Provides roofing services and safety system products such as slating, tiling, waterproof liquid roofing, over cladding, sheeting, felting, safety netting and guttering. Works with clients from sectors such as education, healthcare, national retail ch...
FREEHOLD
Highly profitable Family Run Business, that has been in the same hands for over 20 years. Operating out of Leasehold premises the business is easily relocatable, many of the subcontractor workforce has been working with the company for many years. Of...
LEASEHOLD
Highly accredited buildings and facilities management business: 95% repeat business from longstanding, secure contracts with blue chip, London-based clients. Significant room for growth: from an existing client base that is displaying increasing dema...
|
21
|
|
Nov
|
Buyer sought as North East contractor enters administration | ADMINISTRATION
A buyer is being sought for Pro-Fix Installations after the ...
|
20
|
|
Nov
|
Swindon waste-to-gas plant construction to resume after administration | ADMINISTRATION
An unfinished waste-to-gas facility in Swindon has secured &...
|
19
|
|
Nov
|
UK government set to approve Cobham takeover | BUSINESS SALE
The British government is poised to approve the $5 billion t...
Sign up to receive our acquisition alert emails to get your FREE guide
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
|
27
|
|
Sep
|
Administrators called in for Northern polythene manufacturing firm | ADMINISTRATION
Total Polyfilm, a manufacturer headquartered in Preston, has...
|
23
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale [UPDATED] | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
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