Rok creditors left £360m out of pocket

Failed construction group Rok owes its creditors around £360million - nearly double the estimate of £190million when it collapsed last month.

The extent of the debt mountain was revealed by PricewaterhouseCoopers in its creditors report, which showed chief executive Garvis Snook had no shares in the listed company at the time of its demise.

It also said staff are still owed around £6million in wages and other benefits, including one who is £8,000 short.

Debt mountain: Rok collapsed in November following a series of profit warnings

Debt mountain: Rok collapsed in November following a series of profit warnings

It is still unclear whether the ex-employees - of which nearly 3,000 were made redundant - will ever see the money.

Unsecured creditors, mostly made up of sub-contractors, are also owed around £280million.

 

The hardest hit include Brandon Hire, owed £1.2million, Jewson with £2.25million and Woleseley, which is £500,000 out of pocket.

PwC was paid an initial £106,236 by Rok before it went into administration, but the total fee for the auditing giant is likely to be far higher when revealed in May next year.

Rok, self-styled as the 'nation's local builder', collapsed in November following a series of profit warnings, blaming its demise on Government cutbacks.

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