BusinessCompany NewsPwC called in after Rock collapses

PwC called in after Rock collapses

Rock board places the company in administration as the slump in the property market claims another high-profile victim

Rock, the property company founded by
Paul
Kemsley
, one of Sir Alan Sugar’s closest advisers, has gone into
administration.

Adminstrators from PwC are now in control of the company which owns an
investment portfolio of properties in the UK and the US, including the former
Burberry headquarters on Haymarket, offices in New York, and Crystal Palace’s
Selhurst Park football ground,
the
FT reported
.

Peter Spratt, partner at PwC and joint administrator, said: ‘Following the
well-documented slowdown in the property market, the Rock board has re-evaluated
its longer-term strategy and, after discussions with its lenders, has taken the
difficult decision to place the company in administration.

‘Our immediate priority will be to review the existing strategic approach,
explore all options for the company and to develop an effective long-term
strategy for the business. During this process, we will work with the company’s
stakeholders and employees and would like to reassure the existing tenants of
the properties that this process will have no impact on them.’

Further reading:

Begbies
Traynor property sector warning

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