Thu, 06 Sep 2012 | ADMINISTRATION
Roofing firm Rock International Holdings has entered administration, following a management buy-out four years ago.
KPMG has been appointed as the administrators of the company, with Jane Moriarty and Allan Graham confirmed as the joint administrators after credit firm Top Service withdrew the credit limit on Rock International following a number of queries and a delay in the posting of its 2011 accounts.
The accounts of Rock Group Holdings, the parent company, stated that Rock International saw its turnover fall from £20 million in 2009 to £11 million in 2010. Meanwhile, Rock Group itself witnessed a £3.8 million loss over in the 2010 financial year.
This drop in sales came in the wake of the “adverse economic environment and ensuing contraction in large-scale new-build commercial projects”.
In the run up to the loss-making years the company took a number of steps to attempt to rebalance the books, with a management buy-out taking place in 2008, followed by a capital restructuring in 2010 and a debt for equity swap in 2011.
Furthermore, Investec transferred £2 million of mezzanine debt to NGBI Private Equity in 2009 and bank debt was transferred in 2010, followed by another financial restructuring, which converted senior and mezzanine debt and bonds to equity.
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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