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.
The company provides internal fit-out services, including suspended ceilings, partitions, and raised-access floors, serving a wide range of clients with a strong recurring core client base, with a focus on careful risk assessment.
This dentistry is located in an affluent and prime location with a strong level of footfall, this practice currently offers the full range of private treatments including Implants, however has not pushed Invisalign or Hygiene work, leaving ample oppo...
LEASEHOLD
The company is a prominent supplier of high-quality, nutrient-rich feed for cows, calves, and sheep, with full technical support, dairy costings, yield predictions, and silage analysis. To complement its core product, the business also supplies molas...
06
|
Sep
|
Surrey Victorian country manor hotel on the market for £8m | COMMERCIAL PROPERTY
Stanhill Court Hotel, a Victorian Country Manor House hotel ...
06
|
Sep
|
Livingstone-based civil engineering firm falls into administration | ADMINISTRATION
Glenevin Limited, a Livingstone-based civil engineering firm...
06
|
Sep
|
Worcestershire accountancy acquires Cannock-based counterpart | BUSINESS SALE
A full-service accountancy and advisory firm based in Worces...
19
|
Jul
|
Boutique advisory sold to FRP at 5.8x EBITDA | BUSINESS SALE
Lexington Corporate Finance, a boutique advisory firm based ...
13
|
Sep
|
Sheffield insolvency firm sold to FRP at 6.8x EBITDA | BUSINESS SALE
The Wilson Field Group, a Sheffield-based insolvency special...
07
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.