Tue, 03 May 2011 | BUSINESS SALE
Administrators are searching for a buyer for Birmingham-based Roc Furniture, after it was forced into administration by what bosses have called "severe cashflow difficulties".
The company called in administrators Steve Stokes and Philip Armstrong, partners at insolvency firm FRP Advisory, to manage the process. The company was forced to make 54 of its 74-strong staff redundant upon the action.
Mr Stokes said that the redundancies were unfortunate but unavoidable and that they intended to undertake significant restructuring as the search for a buyer progressed.
"The business has seen a sharp decline in orders, in particular from government bodies, which have very quickly rendered revenue insufficient to cover the company's cost base," Mr Stokes explained.
"In order to protect the underlying value of the company, we have had to restructure the business to enable it to continue to trade. We intend to trade the scaled down firm as a going concern while we endeavour to find a buyer."
The company has been in business for more than 60 years and has an extensive history of carrying out large-scale furnishing projects on commercial and public sector institutions including hospitals, universities and local government offices.
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