The company was turning over £600m a year and at one time was valued at more than £450m by the Stock Exchange.
But PwC has only been able to raise £7m from Mansell for the company’s assets as a host of interested contractors pulled-out of prospective deals once they saw the state of Rok’s books.
Trade contractors, suppliers and workers are the biggest losers. Here’s how the demise of Rok has hit the industry:
Subcontractors and Suppliers
The Enquirer understands that the trade debt could be as high as £200m.
Trade contractors owed money by Rok are unlikely to see a penny after PwC raised only £7m from buyers.
The firm’s latest accounts show £200m was outstanding to “trade and other payables.”
Just 381 jobs were saved by the Mansell deal as PwC let 3,200 Rok staff go. Site workers have complained about unpaid wages while staff were also unhappy about being made redundant by text messages or conference calls.
Rok was once a darling of the City as its share price climbed to 250p. At the time of its failure that price had fallen to 18.5p
All shareholders’ money has been wiped-out with major stockholders including:
Lloyds Banking Group – 9.9m shares
BT Pension Scheme – 4.9m shares
Standard Life Investments – 850,00 shares
Rok had £80m outstanding in bank loans according to its last accounts.
Former staff will find it difficult to sympathise with the management team which led them into disaster.
But the directors had a fortune tied-up in shares and options which are now worthless.
The figures below show the value of each directors’ share and options holding at the time of Rok’s peak share price of 250p
Garvis Snook, chief executive – £4.9m
Rob Olorenshaw, chief operating officer – £2.1m
Steve Carden, managing director (construction) – £890,000
Martin Donachie, managing director (maintenance and build) – £1m
Claire Hamon, chief information officer – £1.1m
Julian Turnbull, company secretary- £1.5m