Trade creditors bear the brunt of Rok's failure
Published: 23 November, 2010
EXETER: Trade contractors, suppliers and workers are the biggest losers following the collapse of Rok.
The administrator, PricewaterhouseCoopers is finalising the winding-up of the failed contractor and the firm's latest accounts show £200m outstanding to "trade and other payables".
But the administrator has been able to raise only £7m from the company's assets so trade contractors owed money by Rok are unlikely to see a penny. A number of interested contractors pulled-out of prospective deals once they saw the state of Rok's books.
The company was turning over £600m a year and at one time was valued at more than £450m by the Stock Exchange. Rok had £80m outstanding in bank loans according to its last accounts.