PwC appointed administrators of Rok

Rob Hunt, Mike Jervis and Jeremy Webb of PwC have been appointed joint administrators of Rok Plc and Rok Building Limited.

The appointment was made following the company’s announcement on 8 November that an application to suspend the listing and trading of the company’s Ordinary Shares on the Stock Exchange had been made.

The company operates in the construction sector providing repairs and maintenance services as well as undertaking building projects for public and private sector organisations including councils, schools, housing associations, insurance customers and a variety of businesses. The company operates throughout the UK from a network of sites and branches and in the six months to 30 June 2010 had turnover of £308m. The company employs approximately 3,800 people.

Mike Jervis, joint administrator and partner at PwC said:

“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.”