Blair Nimmo and Alistair McAlinden of KPMG LLP were appointed as Joint Administrators of Rippin Limited on 13 August 2018.
The Cowdenbeath-based company, established in 1974, is a leading structural steel fabricator operating across Scotland and the north of England providing services to the UK construction industry.
At the time of the appointment, the business employed 25 people, all of whom are based at the company’s site in Cowdenbeath.
In recent months, Rippin Limited 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.
Blair Nimmo, Joint Administrator and KPMG’s Head of Restructuring, said:
“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. 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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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.