BusinessBusiness RecoveryPwC administrators called in at Rok

PwC administrators called in at Rok

Administrators from PwC have been appointed to ailing builders Rok.

ADMINISTRATORS from PwC have been appointed to ailing builders Rok.
The repairs and maintenance services group entered administration due to difficulties in meeting its financial obligations.
“Our immediate priority is to urgently review the financial position of the company and seek a buyer of the businesses,” said joint administrator and PwC partner Mike Jervis.
“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.”
The company employees around 3,800 people. PwC’s Rob Hunt and Jeremy Webb join Jervis as joint administrators.
“With Rok going into administration so soon after Connaught, there will be undoubted concern about how construction works are being procured in the social housing sector,” said Michael Conroy-Harris, senior legal manager at law firm Eversheds.
“After being a relatively benign sector for some time, the recent falls in activity are clearly testing many contractors and it appears that some have been tendering below cost price.”

 

Related Articles

PwC must face MF Global lawsuit over accounting advice

Accounting Firms PwC must face MF Global lawsuit over accounting advice

1y Richard Crump, Writer
PwC’s business recovery services team appoints four new partners

Accounting Firms PwC’s business recovery services team appoints four new partners

1y Richard Crump, Writer
MPs call on FRC to widen BHS audit probe into PwC

Accounting Firms MPs call on FRC to widen BHS audit probe into PwC

1y Richard Crump, Writer
FRC investigation launched into PwC's BHS audit

Audit FRC investigation launched into PwC's BHS audit

1y Kevin Reed, Writer
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
Take part in our 'Seven days in Accountancy' quiz

Accounting Firms Take part in our 'Seven days in Accountancy' quiz

2y Fraser Simpson, Reporter
New consortium enters fray to buy BHS empire

Accounting Firms New consortium enters fray to buy BHS empire

2y Chris Warmoll, Writer
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

2y Chris Warmoll, Writer