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Cowdenbeath based steel fabricator Rippin breaks down into administration- The 20th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
8/17/2018 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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Accountancy Daily reported that Cowdenbeath-based company, established in 1974, operates across Scotland and the north of England providing services to the UK construction industry. In recent months, Rippin had experienced cash flow difficulties due to a significant downturn in orders, as well as customers withholding payment as a result of contractual disputes.
Following the joint administrators’ appointment, all the company’s 25 employees have been made redundant. The joint administrators are now working through a wind down of the company’s operations as they seek offers for the principal assets comprising stock and plant equipment.
Mr Blair Nimmo, joint administrator and KPMG’s head of restructuring, said that ‘In light of challenging trading conditions and significant cash flow difficulties, Rippin was unable to continue trading. This, unfortunately, resulted in the redundancies which have been announced today. We will be working with all affected employees and the relevant government agencies to ensure the full range of support is available.”
He added that “We will also be exploring the possibility of securing a sale of the company’s assets and would encourage any interested parties to contact us as soon as possible.”
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Source : ACCOUNTANCY DAILY
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