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Rok administrator says deals must be done in 'days not weeks'

The administrators appointed to Rok have said deals to sell the business must be done quickly or business could “evaporate”.

Commenting on the level of interest in Rok’s assets, Mike Jervis, joint administrator at PwC, told Construction News: “It would be easier if someone bought the whole business. We have had conversations [with interested parties] about taking over the whole business or parts.”

Mr Jervis added: “Deals have to be done quickly. Business can evaporate pretty quickly so we are working to a time frame of days, rather than weeks.”

“Deals have to be done quickly. Business can evaporate pretty quickly so we are working to a time frame of days, rather than weeks.”

Mike Jervis, PwC

According to Rok’s administrator, a sharp drop in work across all divisions during September forced the hand of directors and led to the firm entering administration.

Cuts to public sector budgets have been partially to blame as this sector accounted for around 55 per cent of the firm’s turnover, Mr Jervis said.

At present, all Rok employees are still employed but the administrators are not entering into new contracts and rationalisation of the business will take place.