PwC says priority is to review and sell the collapsed company
The administrator of collapsed building firm Rok has said the 3,800 employees of the company will continue to be paid despite its move into administration today.
Rob Hunt, Mike Jervis and Jeremy Webb of PwC were today appointed joint administrators of the £600m turnover firm, which provides repairs and maintenance services as well as undertaking building projects for councils, schools, housing associations, insurance customers and private businesses.
In a statement PwC partner Mike Jervis, said employees would continue to be paid “if they attend work and perform their duties as normal.” He said the administrators were working with the existing management team to find a buyer for the businesses.
Social housing maintenance specialist Mears has already expressed an interest in the firm. The collapse follows that of housing repairs firm Connaught in September.
Jervis’s full statement reads: “In response to changes in market conditions, Rok Plc had taken a number of steps to improve operations and to develop a sustainable and profitable business going forward. However, due to difficulties in meeting the company’s financial obligations, the company and certain subsidiaries have been placed into administration to protect the business and assets.
“Our immediate priority is to urgently review the financial position of the company and seek a buyer of the businesses. We will work with the existing management team, employees, suppliers and customers to try and ensure that we achieve a positive solution. Employees will naturally be concerned about their position, but they will continue to be paid if they attend work and perform their duties as normal. We will provide further updates throughout the coming weeks.”