Tue, 03 May 2011 | BUSINESS SALE
Administrators are searching for a buyer for Birmingham-based Roc Furniture, after it was forced into administration by what bosses have called "severe cashflow difficulties".
The company called in administrators Steve Stokes and Philip Armstrong, partners at insolvency firm FRP Advisory, to manage the process. The company was forced to make 54 of its 74-strong staff redundant upon the action.
Mr Stokes said that the redundancies were unfortunate but unavoidable and that they intended to undertake significant restructuring as the search for a buyer progressed.
"The business has seen a sharp decline in orders, in particular from government bodies, which have very quickly rendered revenue insufficient to cover the company's cost base," Mr Stokes explained.
"In order to protect the underlying value of the company, we have had to restructure the business to enable it to continue to trade. We intend to trade the scaled down firm as a going concern while we endeavour to find a buyer."
The company has been in business for more than 60 years and has an extensive history of carrying out large-scale furnishing projects on commercial and public sector institutions including hospitals, universities and local government offices.
Exceptionally busy MOT testing station and vehicle repairs/servicing business which has been in the same hands for over 30 years and proved particularly profitable for the vendor.
Long established haulage contractor operating over 25 years is now seeking a well-earned retirement. The business serves a large number of regular clients and enjoys a fantastic reputation within the industry, operating with a modern fleet and tradin...
This is perhaps the best pub in the county that we have offered for sale in many years and produces superb net profits for our clients. This is genuinely a rarity to acquire such a successful pub with extensive freehold property which has had substan...
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.