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http://www.telegraph.co.uk:80/financ...n-by-2015.html
Drink deeply from the Well of nothingless Limey scum!
Mike
Drink deeply from the Well of nothingless Limey scum!
Mike
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Re: The British are so F*cked!
I thought this was interesting. Austerity comes home to roost...the government giveth, and the government taketh away...
Buyers circle Rok after collapse shocks City
Administrators are seeking to sell parts of Rok within "days" after the building group collapsed, shocking the City.
Published: 10:00PM GMT 08 Nov 2010
The demise of the former stock market darling, which carries out building repairs for insurers and councils, has left 3,800 jobs at risk and more than £60m of bank debt with Royal Bank of Scotland, HSBC, and Clydesdale...
... According to Mr Jervis, PwC was called in after Rok's revenues fell 30pc below budget in September as public sector clients – which account for 55pc of Rok's business – suffered due to austerity measures...
Shock at speed of Rok collapse
Published: 6:15AM GMT 09 Nov 2010
...Even by the standards of this recession, the speed of the demise of Rok is shocking. Advisors to the company are only believed to have been informed about the impending administration late on Sunday night.
Mike Jervis, one of the joint administrators for PricewaterhouseCoopers, said on Monday that Rok had suffered a cataclysmic September, with revenues 30pc down on budget. The fall, he said, was across the board, but primarily driven by public sector clients – which accounted for 55pc of Rok's business – cutting back contracted building work. Because Rok had a fixed cost base to meet its contracts with insurance clients, this severely squeezed cash flow. Mr Jervis added: "When a company's turnover is falling away as it did here and you are having to fund trading losses, you can run out of road very quickly."
However, although economic conditions are challenging, none of Rok's rivals – barring the now defunct Connaught – have reported such terminal declines. For Rok's investors, which include BlackRock, this means there are plenty of questions, especially because of bizarre events in the summer.
On August 11, shares in Rok fell 45pc as the company suspended its finance director after identifying "serious failing" in the financial reporting of its plumbing, heating and electrical business. However, on September 30, Rok lifted the suspension and apologised to Ashley Martin, who quit anyway, saying it had found problems in the division were "due to a scaling back of subcontracting work from the private housing sector" and weak operational, commercial and financial controls"...
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Re: The British are so F*cked!
Ah.............
http://www.independent.ie/business/i...d-2227308.html
Ha Ha Ha Limey Scum!
MikeComment
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Re: The British are so F*cked!
When i think of all the evil shit these bastards have done over the years............Playing "The Great Game".........the pain, the suffering, the killing..............i simple can't wait ti Mr/Mrs BRIT awakes one morring and finds Petrol £3 a litre!
Eat Shit & DIE!
MikeComment
Comment