ROC Furniture in administration
A buyer is being sought for Birmingham-based ROC Furniture after it called in administrators from FRP Advisory. Fifty-four members of staff at the furniture supplier have been made redundant after the company began to face "severe cashflow difficulties".
ROC Furniture appointed Steve Stokes and Philip Armstrong, partners at insolvency firm FRP Advisory, as joint administrators.
Stokes said: "ROC Furniture employed 74 staff at its site in Birmingham; very sadly we have had to make 54 members of staff redundant immediately due to severe cashflow difficulties. 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.
"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 business, which has been trading for more than 60 years, had been "caught in the aftermath of the spending cuts", added Stokes.
FRP Advisory said it was now working with the management team and the local job centre to advise redundant employees and process redundancy claims.
